Economic Crisis Unleashes Deep Recession in Austria – Stabilization Expected at Year-End
According to the June 2009 economic outlook of the Oesterreichische Nationalbank (OeNB), the Austrian economy is projected to enter a deep recession in 2009 owing to the global slump in growth, with real GDP set to shrink by 4.2%. After further declining by a modest 0.4% in 2010, positive real annual GDP growth of 1.2% will reemerge only in 2011. Compared with the OeNB December 2008 economic outlook, growth expectations for 2009 and 2010 were downgraded by 3.9 and 1.2 percentage points respectively. This major revision reflects the steep slump in the demand for exports and investment – unparalleled in the post-war period. The current downturn is so pronounced that GDP levels seen in 2007 will not return until 2011. HICP inflation will ease from 3.2% in 2008 to a mere 0.4% in 2009 and rise modestly to 1.1% and 1.2% in 2010 and 2011 respectively.
Will the Great Recession Lead to a Lasting Impact on Potential Output in Austria
Based on the European Commission’s (2009) projections for potential output, we calculate a permanent potential output loss of between 4% and 6% until 2013, while we expect that the growth rate will eventually return to its precrisis level of close to 2% in the medium run before the effects of population aging set in. We do not expect high growth rates of actual GDP during the recovery. In a more pessimistic view, the effects of the crisis may seamlessly link with the effects of population aging on potential output, implying a decrease in trend potential output growth to about 1.5% by 2030. In an optimistic scenario, by 2011 most of the structural effects of the crisis will have disappeared and productivity growth will accelerate by 2020 to compensate for declining labor input, stabilizing the path of potential output. While uncertainty is high, it is likely that anti-climate-change policies, energy scarcity and an increase in both competition and demand from emerging markets will provide powerful incentives to innovate and invest. Adequate economic policies will be required in order to respond positively to these incentives. The crucial role of policies in raising medium-term output after severe recessions is also emonstrated by countries such as Finland, Sweden and Japan.
Single step formation of biocompatible bimetallic alloy nanoparticles of gold and silver using isonicotinylhydrazide.
Manufacturing nanoparticles with controlled physicochemical properties using environment-friendly routes have potential to open new prospects for a variety of applications. Accordingly, several approaches have been established for manufacturing metal nanoparticles. Many of these approaches entail the use of hazardous chemicals and could be toxic to the environment, and cannot be used readily for biomedical applications. In the present work, we report a single step bio-friendly approach to formulate gold (Au), silver (Ag), and Au-Ag alloy nanoparticles with desired surface corona and composition using isonicotinylhydrazide (INH) as a reducing agent. INH also functioned as a stabilizing agent by enabling a surface corona around the nanoparticles. Remarkably, within a single step INH could also provide a handle in regulating the composition of Au and Ag in bimetallic systems without any additional chemical modification. The physicochemical and surface properties of the different nanoparticles thus obtained have been examined by analytical, spectroscopic and microscopic techniques. Cell cytotoxicity (release of lactate dehydrogenase), cell viability and intracellular reactive oxygen species (ROS) assays confirmed that the Au, Ag, and Au-Ag bimetallic nanoparticles prepared with INH are biocompatible. Finally, the presence of organic surface corona of INH on the nanoparticles was found to impart nanozyme activity and antimycobacterial sensitivity to the nanoparticles.