Quarterly Macroeconomic Outlook: Risks shift to the downside yet fundamentals remain in place The global economic outlook remains constructive, though, with deteriorating expectations. Short-term cyclical risks are titled to the downside in the Euro Area, yet, the fundamental factors underpinning the economic expansion remain in place. Following a strong economic expansion in Austria, a pleasant slowdown is underway. Solid labor market conditions keep supporting consumer sentiment and private consumption.  In CEE there are no signs of an abrupt growth slowdown. Economic growth has remained surprisingly resilient. Nevertheless, growth will slow down gradually over the medium-term.