The measures taken to curb the spread of coronavirus Covid-19 will result in the Dutch economy shrinking 3.5 percent this year, ABN Amro calculated on the assumption that the current restrictions will last about two months. Unemployment will be around 4.5 percent by this summer, compared to 2.9 percent in February, according to the bank.
The coronavirus will definitely cause a recession in the Netherlands, according to a report central planning office CPB released on Thursday. The CPB calculated four scenarios depending on how long the measures to curb the spread of Covid-19 will remain in place, and all four scenarios resulted in a recession. In the best case scenario, the Dutch economy will shrink 1.2 percent this year, in the worst case it will shrink 7.7 percent. In three of the four scenarios, the shrink will be greater than in the 2008/2009 financial crisis, CPB said.
The outbreak of the coronavirus will almost certainly result in a recession for the Dutch economy, according to Pieter Hasekamp, director of central planning office CPB. "We are still calculating, but a recession is almost inevitable," he said in an interview with the Telegraaf.
The Covid-19 crisis will result in the Dutch economy shrinking by 0.2 percent this year, according to economists from Rabobank. This is on the assumption that the crisis will be brought under control between April and July, and some economic recovery can occur in the second half of the year, they said in a report, NU.nl reports.
Klaas Knot, director of Dutch central bank DNB, does not rule out the possibility that the coronavirus pandemic will bring the Dutch economy into a recession. "You don't need a very serious corona scenario, on top of what we expect now, for our economy to also come close to a recession," he said to Nieuwsuur after a meeting at the European Central Bank (ECB).
If the new coronavirus Covid-19 turns into a global pandemic, economists at Rabobank foresee an economic recession in large parts of the world, including the Netherlands, Germany, Japan, Italy, and the United States. "This economic crisis could become even worse if it turned into a financial crisis, for example when the number of bankruptcies increase sharply worldwide," the Rabobank economists said, the Telegraaf reports.
Strict climate measures will have much greater consequences on the Dutch economy than politicians realize, according to employers' organization VNO-NCW and MKB Nederland. These measures may even trigger an economic crisis, or what they call a "self-organized recession", the organizations said to De Telegraaf.
Minister of Finance Jeroen Dijsselbloem considers it too early and "too somber" to already say that a new economic crisis is on the way.
The Eurozone will be on the mend in the next few years, recovering slowly from the recent recession. Unemployment remains high, however, and there is a strong need for reforms. This is from the new Economic Outlook published Tuesday by the Organization for Economic Cooperation and Development (OECD).
After 125 years the family owned chain department store, Maison de Bonneterie, closes the doors to its two main locations in Amsterdam and The Hague. The 100 staff members were informed this morning.
Compared to late 2012, when the Dutch economy was still in a deep recession, the economy had entered a recovery stage by the end of 2013, according to the Business Cycle Tracer (BCT), published by Statistics Netherlands.
With the new year around the corner the Dutch are a bit more positive about the future of the Dutch economy than previous years, as shown by results of a study by the Social and Cultural Planning Bureau (SCP), Monday.
Revised figures show the Dutch economy grew by 0.2 percent in the third quarter of 2013, a marked improvement on the 0.4 percent reduction a year earlier, according to the CBS. The growth estimate is measured against the second quarter of the year.
Domestic violence, animal cruelty and the economic crisis are linked, research by police has shown.
The round-up of some of this week’s most noteworthy events and news stories features: €400,000 euro found inside women smugglers, a nude parade through downtown Amsterdam for World Diabetes Day, Photo Show Human Side of Breast Cancer, Joran van der Sloot wants new trial, and Amsterdam coin minter busted
The last four quarters of the recession cost the Dutch an average of 1300 euros per head. The entire Dutch economy suffered a loss of 10 billion euros, compared to a period of zero growth
With 0.1% growth in the Dutch economy last quarter, new statistics released by the CBS show the Dutch recession has come to an end. The growth was demonstrated in the third quarter of 2013, compared to the previous quarter.
Finance Minister Jeroen Dijsselbloem said the Netherlands will not make an effort to maintain its budget deficit within the European Union (EU) limits in 2014.
ING announced a large drop in profits, while their analysts claim the Dutch economy will contract by 1.4% in 2013.
The Dutch economy shrank faster in the last quarter of 2012 than previously thought. This follows from the second estimate of the CBS, which was distributed on Thursday. According to the estimate, the economy shrank by 0.4 percent. The first estimate in mid-February, on the other hand, showed a shrinking of 0.2 percent.
The shrinkage was 1.2 percent compared to a year earlier. In the first estimate, this was still at 0.9 percent. Consumer expenditure was lower and authorities spent less money than expected.