competitive Prospects of Austria
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Austria is a small country situated in the heart of Europe famous for its gorgeous
mountain scenery and towering Alps. Apart from its scenic beauty, this tiny country has
accomplished a great deal since its admission into the European Union in 1995. The
country has a well-developed social market economy with a high standard of living and a
generous welfare system. Literacy is almost a 100% and virtually everyone is required to
go to school untill the age of 15. The primary purpose of this paper is to focus on how
Austria, a country devastated by two world wars achieved such high levels of economic
growth during the last 30 years. The areas of study will include an analysis of the
Austrian economy in the last 4 decades preceding World War 2 and the current situation
in the country. We will also examine the 2 most important sectors of an economy, which
are money and banking and the Industrial sector.The conclusion will include future
prospects for the country and what it can do to avoid its current stagnating economy.
For Austria as for the whole Westerm world, the thirty years after the end of
World War 2 was a period of almost unprecedented growth and prosperity ( Arndt 61).
This was surprising because at the end of WW2, the situation in Austria looked grim as
the Russians scattered to lay claim to war reperations (Johnson 23)...