Up to the end of 1991 Austria has to a remarkable extent been spared from the international economic recession. The differential in the pace of activity between "exposed" and "sheltered" sectors has even widened. Buoyancy of retail sales, construction and tourism continues unabated while the...

The major industrialized countries presently find themselves at different stages of the business cycle. While in the U. S. A. the long awaited upturn seems to have started, activity is slowing in Europe and Japan. Forecasts of GDP growth in 1992 have to be revised downwards to 1¾ percent for...