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GDP growth is projected to moderate from around 2¾ per cent in 2018 to just above 2% by 2020, reflecting slowing private consumption and investment. Wage growth and inflation will increase steadily as a result of the tight labour market. The large current account surplus is projected to increase further.
Fiscal spending should focus on measures to stimulate long-term growth. Potential reforms to the occupational pension system should focus on improving the transparency of the system. Labour market reforms, such as expanding supplementary social security coverage for the self-employed, should be implemented to improve inclusiveness, particularly the opportunities for the vulnerable.
1. Data refer to the manufacturing sector.
2. Price index of existing own homes that are located on Dutch territory and sold to private individuals.
Source: Statistics Netherlands (CBS).
Economic Survey of the Netherlands (survey page)