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Austria's EU exit would be highly damaging to economy: study

Xinhua, November 16, 2016 Adjust font size:

A hypothetical Austrian exit from the European Union (EU) would be highly damaging to its domestic economy, a new study claimed Tuesday.

Presented by the Austrian Economic Chambers (WKO) who commissioned it, the study presumed that between 100,000 and 150,000 jobs would be lost should Austria depart from the union.

In addition, small and medium-sized businesses would again suffer from taxes and tariffs involved in entering other European markets, the study showed. It was noted that Austria's total exports within the EU have increased 224 percent since its entry into the union.

It was also stated that Austria paid a net 1.24 billion euros (1.33 billion U.S. dollars) into the EU in 2014, with domestic EU funding through various programs and projects subtracted. This accounted for about 0.4 percent of Austria's GDP, while the net benefit of investments and innovation brought by the EU membership amounted to about 7.2 percent of its GDP.

Foreign companies would also be less likely to invest in Austria, the study showed, as the EU membership is estimated to be responsible for about 28 percent of such investments. Endi