June 15, 2022
The Dutch economy may have recovered well from the coronavirus shutdown, but new trends in global commerce mean that growth will come to a halt this year, according to a new assessment from the Dutch central bank. According to the bank, Russian aggression in Ukraine is driving up energy prices, world trade is under strain, and there are more uncertainties. The economy will rise by 2.8 percent in 2022, owing largely to a strong recovery at the end of 2021. According to the bank’s current predictions, growth will pick up by the end of the year, reaching 1.5 percent in 2023 and 1.7 percent in 2024.
According to the bank, inflation will average 8.7% this year, then drop to 3.9 percent next year and 2.4 percent in 2024. Unemployment will drop to 3.3 percent this year before rising to 3.6 percent in 2023, with wages rising as competition for workers heats up. The central bank has created a more pessimistic scenario predicated on the conflict in Ukraine extending longer. In that situation, the economy will grow at a rate of 2% this year, with inflation averaging 10.8%.
Source: DutchNews.nl
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