The European Commission said in its latest economic forecast on Friday that most European countries will be in recession by the end of the year and will remain in recession until spring 2023.
The Commission said, dutch economy is set to stagnate in Q3 and taper off in Q4. Overall, Dutch GDP growth in 2022 he will be 4.6%.
A country is considered to be in a recession if its economy has contracted for two consecutive quarters.
“The shock unleashed by Russia’s war of aggression against Ukraine is weakening global demand and increasing global inflationary pressures,” the Commission said. It is one of the most endangered developed countries due to its presence and heavy dependence on gas imports from Russia.”
The European Commission estimates that the EU economy will grow by 0.3% next year, while the Dutch figure is projected to double that to 0.6%. Dutch economic growth in 2024 is 1.6%.
Inflation is expected to ease in 2023, but is expected to remain high at 7% across the EU and 6.1% in the Eurozone in 2024 before falling to 3% and 2.6% respectively.
Inflation in the Netherlands, currently one of the highest in the eurozone, will drop to 4.2% next year, the committee said.
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https://www.dutchnews.nl/news/2022/11/dutch-economy-will-contract-in-q4-eu-commission-says/ Dutch economy will contract in fourth quarter, says EU Commission