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September 15, 2020

Projections September 2020 (MEV 2021), figures

Figure

In the baseline projections, which assume no large-scale new physical contact restrictions will be needed, the economy shrinks by 5% in 2020, followed by over 3% growth in 2021. Unemployment will rise to 6% in 2021. This is concluded in the recently published Macro Economic Outlook (MEV) of CPB Netherlands Bureau for Economic Policy Analysis. Economic growth is projected to be slightly higher than in the preliminary projections published in August, and unemployment will be half a percentage point lower in 2021. This is due to decisions by the Dutch Cabinet, which include an extension of the support and recovery policy. As a result, the budget deficit will be higher than previously estimated: 0.5% of GDP higher in 2020 and 1% in 2021. Public finances, however, will not be in jeopardy.

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September 15, 2020

Actualisatie MLT-raming september 2020, cijfers

Figure (in Dutch only)

De corona-uitbraak leidt tot een lager bbp-niveau in 2025 dan in de verkenning van maart. Het bbp-volume in 2025 is in de basisverkenning 4% neerwaarts herzien ten opzichte van die in maart; in het dieperdalscenario is dat zelfs 9%. Dit komt zowel door de neerwaartse herziening van het trendmatig arbeidsaanbod als door de neerwaartse herziening van de trendmatige arbeidsproductiviteit. De neerwaartse herziening van het arbeidsaanbod komt door de herziening van de bevolkingsprognose. De corona-uitbraak heeft een negatief effect op de immigratie. De neerwaartse herziening van de trendmatige arbeidsproductiviteitsgroei vloeit voort uit een zwakkere groei van de kapitaalgoederenvoorraad en uit een lagere stijging van de multifactorproductiviteit als gevolg van de corona-uitbraak.

September 15, 2020

Extension of support package reduces increase in unemployment, but also leads to greater budget deficit

Pressrelease

In the baseline projections, which assume no large-scale new physical contact restrictions will be needed, the economy shrinks by 5% in 2020, followed by over 3% growth in 2021. Unemployment will rise to 6% in 2021. This is concluded in the recently published Macro Economic Outlook (MEV) of CPB Netherlands Bureau for Economic Policy Analysis. Economic growth is projected to be slightly higher than in the preliminary projections published in August, and unemployment will be half a percentage point lower in 2021. This is due to decisions by the Dutch Cabinet, which include an extension of the support and recovery policy. As a result, the budget deficit will be higher than previously estimated: 0.5% of GDP higher in 2020 and 1% in 2021. Public finances, however, will not be in jeopardy.

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August 17, 2020

August projections 2020-2021

Forecast

Renewed growth in Dutch economy from third quarter onwards, but downturn will reverberate.

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August 17, 2020

Renewed growth in Dutch economy from third quarter onwards, but downturn will reverberate

Pressrelease

In the baseline projections, which assume no large-scale new physical contact restrictions are needed, the economy will shrink by 5% in 2020, followed by 3% growth in 2021. Unemployment will rise up to 7% in 2021. These are the conclusions of the concept Macro Economic Outlook (cMEV) 2021, recently published by CPB Netherlands Bureau for Economic Policy Analysis. These projections form the starting point for the Dutch Cabinet’s final decision-making process on the 2021 budget. They include the agreed policy up to the end of July. This means that the projections currently still assume the financial support policy to not be continued in October. The projected recovery is largely determined by the development of the pandemic. To do justice to this uncertainty, a scenario is also included in which large-scale physical contact restrictions will once again be implemented. Under such a scenario, the economy will shrink also in 2021, and unemployment will increase to 10%.

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August 11, 2020

Forecasting wage growth and price inflation in the Netherlands with a BVAR model

Publication

This background document describes a Bayesian Vector Autoregression (BVAR) model to support the CPB short-term forecasts of wage growth and price inflation.

June 17, 2020

Certificering budgettaire raming Wet excessief lenen bij eigen vennootschap

Publication (in Dutch only)

Deze CPB Notitie certificeert de raming van de opbrengst van de rekening-courantmaatregel in box 2 van de inkomstenbelasting. Het CPB acht de raming van de budgettaire effecten van de maatregel redelijk en neutraal. De raming kent een hoge mate van onzekerheid door onzekerheid over hoe aanmerkelijkbelanghouders op de maatregel zullen reageren.

June 16, 2020

June forecast 2020

Forecast

Unprecedented 6% decrease in GDP in 2020, followed by an increase of 3% next year. Unemployment would double, but, although public finances would be severely impacted, they would not enter the danger zone. Great uncertainty.

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June 16, 2020

Forecast June 2020, figures

Figure

Social distancing measures to counter the pandemic, in the Netherlands, have led to an unprecedented decline in economic activity of between 10% and 15%. Because of the considerable uncertainty about the course of the pandemic and the rate of recovery of the economy, the recently published June projections by CPB Netherlands Bureau for Economic Policy Analysis contain various scenarios. Under the baseline scenario, which assumes a moderate recovery, GDP would decrease by 6% in 2020, followed by an increase of 3% next year. Unemployment would double, but, although public finances would be severely impacted, they would not enter the danger zone.

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June 16, 2020

Unprecedented 6% decrease in GDP in 2020, amid great uncertainty

Pressrelease

Social distancing measures to counter the pandemic, in the Netherlands, have led to an unprecedented decline in economic activity of between 10% and 15%. Because of the considerable uncertainty about the course of the pandemic and the rate of recovery of the economy, the recently published June projections by CPB Netherlands Bureau for Economic Policy Analysis contain various scenarios. Under the baseline scenario, which assumes a moderate recovery, GDP would decrease by 6% in 2020, followed by an increase of 3% next year. Unemployment would double, but, although public finances would be severely impacted, they would not enter the danger zone. CPB’s Director Pieter Hasekamp: ‘Current uncertainty poses major dilemmas for the government. During the recovery phase, a controlled phase-out of government support measures would be desirable, but the extent to which the government can withdraw depends on the pace of economic recovery. Recovery could be accelerated by an internationally coordinated approach to the crisis, and by moving up investments where possible, such as in housing construction and energy transition.’

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