The Austrian government’s plan to cut taxes by 2.5 billion euros ($2.92 billion) in 2005 has been attacked by the OECD (Organisation for Economic Cooperation and Development), which has warned that the move will result in budget deficits and high levels of debt, if the necessary spending cuts are not also implemented.
In a recent report on the Austrian economy, the OECD urged the government to improve competition laws, particularly in the service and energy sectors, and to increase participation in the labour market of older citizens.
The Organisation has warned that if its recommended reforms are not carried out then Austria will remain near the bottom of the European growth league. The Organisation has forecast growth of just 0.8% in 2003 followed by 1.6% in 2004.
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