Labor Minister Martin Kocher (ÖVP) expects short-time working to rise to 350,000 to 400,000 people who will use the help due to the corona lockdown. “Seasonal effects are noticeable on the labor market and the infection rate is already slowing down the good development,” said Kocher on Tuesday at a press conference with Wifo boss Gabriel Felbermayr.
“The current situation does not yet reflect the short-time working situation,” said Kocher. 77,989 people are currently registered for short-time work. The short-time work will “according to current estimates not increase to 500,000 registrations, but move about to a similar extent as last winter,” said the Minister of Labor.
According to the Ministry of Labor, 277,508 people are currently registered as unemployed, an increase of 5,652 unemployed compared to the previous week. An additional 73,160 people are currently in AMS training courses. “At the same time, unemployment can be expected to rise in the next few weeks, similar to normal years, which are ostensibly due to seasonal effects,” said Kocher. “The lockdown will reinforce this trend somewhat, but unemployment is likely to remain well below the winter 2020/2021 level.” More details on how much the lockdown will affect unemployment figures made Kocher not.
Due to the current pandemic development, economic growth in Austria will not reach 5 percent in the next year, according to Wifo boss Gabriel Felbermayr, but will be in the range of 4 percent. The current corona lockdown will again cost a lot of added value. “We are assuming that a week of lockdown – as we have in – costs around EUR 800 million in economic output,” said Felbermayr. The closer you get to Christmas, the more expensive it becomes and could rise to up to 1.2 billion euros per week in the event of a longer lockdown in January.