Recent economic performances and policies of smaller European countries. An assessment for Austria, Belgium, Denmark and Switzerland

Summary

The deterioration of economic performance after 1973 has been more pronounced in Belgium and Denmark than in Austria and Switzerland, in particular regarding unemployment, public finance and external position. Diverging trends relate, among other things, to aptness of capacity to foreign demand, dependence on energy imports, labour supply (women, foreign labour) and international competitiveness. Social consensus may have contributed to the good performance of Austria and Switzerland. The prudent fiscal policies in these countries appear to have been yielding under the circumstances.