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FOR THE FIRST TIME SINCE 1994, FIRST QUARTER GDP GROWTH IS ESTIMATED AT +0.9%
Long considered a failed state by economic analysts and buried under the ruins of a default, Ostmark is slowly reemerging from a catastrophic decade.
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By Alexander Besselman
WIEN (Ostmark) - Macroeconomic data released today by the Ministry of Industry and Economic Development leaves no doubts: the economic stagnation that engulfed Ostmark's economy since the catastrophic default in 2014 has been officialy declared "over" and replaced by an "astonishing first quarter projection, estimated at 0.9% growth of the national Gross Domestic Product in the first three months of 2021" making it the "best first quarter since 1994". Since the mid 90's Ostmark's economy has been characterized by prolonged stagnation, followed by inconsistent and sporadic growth followed by recessions which culminated with the default of the national economy between 2013 and 2014.
Considered by analysts as the "most catastrophic and irreversible collapse of a national economy in modern history" and studied by economics students all over Europe for its peculiarities, Ostmark's default has left permanent scars in society, culture and politics, opening deep fractures in the socio-political tissue, eventually leading up to the rise of Horst Grasser and the National-Syndicalist People's Party in late 2018.
"Ostmark's 2014 default is by all accounts the most devastating, the most catastrophic economic crisis in modern history" says economist and analyst Rupert Baumer "It not only resulted in an economic recession characterized by typical effects such as unemployment and and industrial crisis, but also in the collapse of the political, social and cultural institutions of the nation." he continued "Even emergency services were literally unable to respond due to a shortage of fuel, and personnel basically working for no pay, because money had lost its value with hyperinflation engulfing the internal market, with the Central Bankunable to print new currency. It's almost as if Ostmark lived a near-death experience, and somehow managed to survive, paying a very high price in the short and long term"
"The consequences of the default are still visible today in society and culture" continued Herr Baumer "Frugality and recycling in Ostmark is a very important virtue and value not for a mere 'green' stance of the government or the population, but due to a collective memory that recalls times in which simple meals, medicines and new clothes were not granted commodities, but luxuries only a few could actually afford. Today's data confirm a modest 0.9 growth in the first quarter. It might not sound too good if compared to other economies in the region, but for a nation like Ostmark, with it troubled history, this growth represents a true miracle that i think will be studied by future generations of economists and analysts, including myself of course. Hopefully, the trend will continue for 2021 and 2022" he concluded.