Dutch economy to enter recession due to coronavirus crisis
Hard Rock Cafe Amsterdam (public domain)
The Dutch economy will shrink by 0.2 percent this year due to the corona crisis, Rabobank economists said in a report published on Friday.
In the forecast, the economists assume that the crisis will be brought under control sometime between April and July. Economic recovery could then occur in mid-2020.
The crisis is affecting almost all economic areas, but the biggest blows are in the construction, agriculture, hospitality and transport sectors.
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However, these measures cannot alleviate all pain. For example, it may not be possible to apply for a reduction in working hours for flex workers or people with temporary employment contracts that will not see their contracts renewed.
Some sectors continue to grow
If government manages to ward off the crisis, many sectors could start growing again in the second half of this year. However, most sectors are expected to contract.
The catering and culture sector suffer greatly from the closure of restaurants, cafes, theaters and museums. Rabobank experts believe that “these sectors will hardly have any catch-up effect in the third and fourth quarters, because consumers will not go to a museum twice in a row, for example.”