This week the Dutch CPB (Central Planning Bureau, a Governmental Econometrist Information Service) undertook an unusual step. It published the estimate of economic performance a month early due to their serious and disturbing nature. As a result of the international financial crisis the growth estimate for Dutch GDP for 2009 is MINUS 3.5 percent. The 2010 estimate is minus 0.25 percent. This means two consecutive years of economic contraction.
This means we are in a very serious kind of recession or rather a depression type of situation. An unusually deep contraction of the economy. Unemployement is rising. As a result the social peace and "community relations" will suffer seriously.
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