Netherlands economy in 4th best positions to recover from Covid crisis: WEF

The Netherlands is in fourth place among countries worldwide that are in a good position to recover economically from the coronavirus crisis, according to the annual Global Competitiveness Report by the World Economic Forum (WEF). The Netherlands scored particularly well on its advanced digital economy and digital skills, NOS reports.

According to the WEF, the Netherlands' advanced digital economy and digital skills mean that the economy can be kept afloat while people work from home. The Netherlands also scored well in the field of skills and training for the future labor market. The country's reliable public transport and good social facilities are also plus points, the researchers said.

"Although we are now in a hard lockdown, the Dutch economy is so robust that it can transform itself well out of this crisis," researcher Henk Volberda said to NOS. "You now hear economists say that the lockdown is bad for our economy. But the Netherlands can handle that well. The expected recovery capacity is great."

There are also points that can do with improvement, however. The Netherlands scored relatively poorly in the field of taxes, with the WEF advising that taxes on companies, capital and labor be adjusted in a national and international context. The country must also invest more in research and innovation in order to also do well in new markets. More attention is needed for competition in new technologies like big data, artificial intelligence and robotics.

The WEF assessed 37 countries about which it could gather enough information. Finland is in the best position to recover from this crisis economically, followed by Sweden and Denmark. China is in fifth place.