Austrians considered their country a torso with the arms and legs cut off, unsure of whether it can even survive. They did not even want to become an independent country, but either team up with the former mates or to join Germany. Much of their industry was in Czechoslovakia, shipping in Yugoslavia, agriculture in Hungary. They saw a country that consists mainly of the Alps and a capitol that is generally oversized for what is left of the country questionable to even survive, let alone to try anything big.

There were these very basic issues like what should Vienna factories that relied on mines that were now in Chechoslovakia do? Today we take international trade for granted, so it is a non-issue, but back then the mood was more warlike, which means countries tried partial self-sufficiency. I.e. a country would not gladly sell much minerals, rather they would try to build up their own industrial capacity to make goods from it, because then that kind of capacity would be useful in war where you cannot trade anymore with an enemy.

After WWI there was a hyperinflation before there was one in Germany, this was fairly terrible for the economy, then the inner strife between the red and black party, and after that it was mainly about trying to keep independent from Germany under the protection of Italy. Actually, it it demonstrates the weakness situation quite nicely that Austria felt they need to be protected by Italy, and their independence guaranteed.

Source, amongst others: Stefan Zweig: The World Of Yesterday, and what I was told by the guide guiding us throuth the Austrian Parliament.