Global Economy

Austria’s own economy is a thriving market economy that has provided its’ people with a high standard of living. However, it is not an economic super power that dominates all global trade like the United States or China. Austria has many exports that are in high demand. These include: machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, and foodstuffs. Every year Austria provides about $150 billion dollars in exports to the global economy, especially its main trading partners: Germany, Italy, Switzerland, France, and the Czech Republic, as well as the United States and Russia. Also during the international financial crisis and global economic downturn in 2008 there was a recession and many of Austria's largest banks faced large losses. However, the government was there to provide support for the banks as well as implement reforms to make the Austrian economy better and stronger (Austria Economy Profile 2012, 2011). By helping their own banks take care of their problems quickly, the Austrian government allowed their country to get back to the global economy and on the road to success.