ING says it makes sense that people now spend less. Consumer confidence is low and inflation is rising. The Netherlands Institute of Statistics (CBS) found in April that confidence in the economy has never been this low.
“We are not talking about a recession yet, but given the economic development of recent weeks, this downward scenario is getting closer,” says ING economist Van Garderen.
new drop
The Dutch economy is cooling down. The war in Ukraine, energy prices and the weakness of world trade have significantly slowed economic growth.
ING expects consumption to fall further in the course of the year. Certainly if the energy bill continues to rise and post-corona – while very little is still possible – the so-called catch-up effects weaken. The Dutch spend less, because the savings that have been built up during the corona period have also decreased.
Source: NOS
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