The International Monetary Fund (IMF) on Monday said Austria's austerity measures as well as the speed of its budget consolidation were "appropriate," though risks to the economy remain, primarily from the eurozone crisis.

During a presentation in Vienna, IMF chief advisor Enrica Detragiache said the ongoing crisis was Austria's biggest economic threat followed by its heavy investment expansion in Eastern Europe, described as "overly ambitious."

While fundamentally a good idea, Detragiache said it had been pursued too rapidly in many countries that have high credit default rates.

National Bank of Austria governor Ewald Nowotny disagreed with the IMF's view.

"We see the expansion into Central and Eastern Europe as a success story," he said, adding that the countries in question as well as its banks had profited from the circumstances.

The IMF expects Austria's economic growth to slow down in 2012 and 2013 but remain moderate. It also expects unemployment to increase slightly.

Detragiache added that the profitability of Austria's banks was quite low, with too many branches and too many employees.

VietNamNet/Xinhuanet