![]() In the long term, ING predicts that interest rates will remain negative, raw material will be volatile, and major investments are put on hold by several entities and consumers due to the economic uncertainty. As a result that ING saw consumer spending fall by 30%, however this trend seems to be slowly improving. The c urrent government measures in place also put great pressure on consumer confidence. T he rescue package s from governments and central banks are essential to ensure that economies are still healthy once they open up again. Especially the firms in the categories leisure, travel/transport and appearance are affected by the crisis. In the Netherlands, COVID -19 hits about 20% of the economy really hard. A recession is not the correct description of what we are currently witnessing, instead it is an abrupt stop of economic activity in just a few days or weeks. The Dutch economy has also been hit by the C orona crisis. Demand for cars for instance fell by 86% in China. The global economy now faces a demand -side problem people are postponing large purchases because there is a lot of uncertainty in the economy. This supply chain shortage shifted when countries such as New Zealand and China slowly reopen ed their economies, and factories and ports start ed operating again. The global supply chain was initially affected by the lockdown, as p orts and airports were only running at a minimum and most factories were closed. The rest of the world quickly overtook China in CO VID- 19 infections. Impact of COVID-19 on the global and Dutch economy They predict to make twice as much loss compared to corporates, as they depend on a local network, local resources and local financing. An interesting outcome of the survey is that SMEs in particular, indicate facing bigger consequences than corporates. 90% of the 754 respondents fear a negative effect on their turnover due to the coronavirus. To this end, two global surveys were conducted that examined the impact of COVID-19. NLinBusiness has tried to involve Dutch transnational companies in this policy. RESTART: Post-corona and trade promotion.Export credit insurance (E CI ) and financing.Other issues concerning the EU and its trade policy.Maintaining open markets for international supply chains.Logistics in the EU: maintaining open borders for transport of goods and people.The agenda poses to address five key issues by which companies are affec ted, including Shortly after companies closed, the Netherlands developed the Dutch Economic Restart Agenda to deal with this crisis ( view the agenda here ). The rapid worldwide spread of COVID -19 took e veryone by surprise. Would you like to watch the entire webinar? Find the webinar recording below.ĭutch Economic Restart Agenda of VNO-NCW and MKB-Nederland Read below for a short summary of the webinar. During this webinar, Edo Offerhaus, Managing Director at NLinBusiness, and Joanna Konings, Senior Economist International Trade Issues at ING, provided insights into the impact of the C OVID-19 outbreak on the Dutch and global economy. O n Ma y 14 and 15, NLinBusiness and the NL Business Hubs organi s ed t he webinar 'The impact of COVID-19 on Global and Dutch Economy'.
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