International credit rating agency Fitch confirmed Austria’s long-term foreign and local currency credit rating as “AA+” and revised its credit rating outlook from “stable” to “negative”.
In the statement made by Fitch, it was noted that there was a significant deterioration in the country’s financial and macroeconomic outlook. It was also emphasized that the political uncertainties that may arise after the parliamentary elections to be held in 2024 make the formulation of financial and economic policies more complex.
Fiscal space has narrowed
The statement stated that the revenue and expenditure measures implemented since 2020 have narrowed Austria’s financial capacity compared to before the pandemic. It was stated that this situation was effective in reducing the country’s credit outlook to “negative”.
Source: www.dunya.com
