Dutch PM Jan Peter Balkenende
EU-Digest special report of this morning's Dutch PM press conference on the Dutch economy
This morning in a press conference the Dutch PM Balkenende stated that the Dutch economy had "dramatically" deteriorated based on the latest figures supplied by the Central Planning Bureau (CBP). He noted that the time frame in which this had happened was unbelievably fast. He stated that figures from the CBP showed that the Dutch economy would shrink by 3.5% in 2009 and by .25% in 2010. Estimates also are that the unemployment figure, which at the end of 2008 stood at 3.9%, and was among the lowest in Europe, would increase to 5% by the end of the year and close to 9% in 2010. Consumer spending is still expected to increase by 2.5% in 2009 and remain the same in 2010. Inflation will remain at 1%. Balkenende stressed that finding remedies for the increasing unemployment during this recession period was going to be one of the Governments main objectives. He said , "the government will not walk away from taking painful decisions, because simple and fast solutions do not exist in these situations. There is no free money, everything we are spending belongs to the taxpayer."
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