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Netherlands

Author

Listed:
  • Razvan Cimpean

Abstract

Netherlands crossed the 2009 global economic crisis with a fall of 3.5% of GDP. In the next 2 years the Dutch economy recovered with positive annual growth rates of GDP, but in the last two quarters of 2011 the growth rate become negative. Thus the Netherlands entered into technical recession at the end of 2011. The recession will continue in 2012, and in 2013 the trend will change with a modest positive growth rate (EC forecasts, Spring Report 2012). The (voted) austerity budget for 2013 with deficit of 3%, provides a lot of austerity measures: VAT increase from 19% to 21%; higher taxes on fuel, tobacco, alcohol and luxury goods; reduce government expenditure on health; freeze salaries (in public sectors) for two years; gradually raising the retirement age to 67 years; curbing growth in spending on the elderly in the area of pensions and healthcare. Comparatively less affected by the crisis than other Euro Area countries, the Netherlands maintains its AAA sovereign rating.

Suggested Citation

  • Razvan Cimpean, 2012. "Netherlands," Conjunctura economiei mondiale / World Economic Studies, Institute for World Economy, Romanian Academy.
    • Handle: RePEc:iem:conjun:y:2012:id:2822000009568019
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