Wealthy, modern, and competitive economy. Flexible labor and goods markets and moderate wage policies that support growth, competitiveness, and employment. Increasing fiscal flexibility through sustained fiscal consolidation. Exceptionally large general government sector. High, but declining, level of general government debt. The Republic of Austria's economy is characterized by high living standards, based on strong productivity and the innovative capacity of the corporate sector. Markets are flexible and react swiftly to economic shocks. As a result, unemployment is significantly lower than levels observed across most of Europe, and economic performance has been one of the least volatile among rated sovereigns. Austria's resilient economy is underpinned by its tradition of wage moderation and responsible social partnership. Since the turn of the decade,
