Indeed, the IMF noted that Austria's real GDP surpassed its pre-covid level before the end of 2021; the fund said that the government's policies to respond to the pandemic and maintain economic momentum were "appropriate and effective in supporting households and firms". The government ran substantial deficits to combat the pandemic's impact, but this year "the fiscal deficit has fallen sharply", the IMF reported. It is expected to come in at around 2.5% of GDP this year, and 0.5% of GDP in the medium term, allowing the public debt-to-GDP ratio to "decline rapidly". The Organisation for Economic Cooperation and Development expects Austria to be running a primary surplus as soon as 2024. This in turn will give Austria the fiscal headroom to support the economy through a difficult year.
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