Netherlands: debt will increase to 57,4% of GDP by the end of the year

"The Cabinet has spent millions in support to prevent massive bankruptcies and unemployment," guaranteed the Dutch Ministry of Finance, pointing to a budget deficit of 6,2%.

The Dutch government expects the country's debt to worsen to 57,4% of GDP by the end of 2020, as a result of high spending on support to companies during the economic crisis, according to "Reuters" this Monday. November 30th.

"The Cabinet has spent millions in support to prevent mass bankruptcies and unemployment," the Dutch ministry said in a statement.

Dutch debt to gross domestic product (GDP) was 48,7% at the end of 2019, making it one of the few countries to adhere to euro zone rules that allow a maximum of 60%. The budget deficit will be about 6,2% this year, according to the Dutch finance ministry, high, but below the 7,2% forecast made by Finance Minister Wopke Hoekstra in September.

The country's economy performed better than expected in late summer and fall, before a second wave of Covid-19 cases led to a second partial blockade that is still ongoing. Last week, the government's economic forecasting agency said it expected economic growth to recover by 2,8% in 2021, after contracting 4,2% this year.

 

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