Recession is likely says chief economists at ING, Rabobank, ABN Amro

The Netherlands can expect a loss of prosperity and a possible recession on the horizon. The chief economists of banks ING, Rabobank, and ABN Amro said this in the TV program Buitenhof. There are still numerous caveats, such as how quickly the gas supply from Russia will be stopped, whether there will be an interest rate hike from the European Central Bank (ECB), and how the pandemic is developing in China.

Everything will become more expensive "no matter what happens,” according to Ester Barendregt from Rabobank. “We're losing prosperity, that's what's going on right now. High inflation will decrease, but not very quickly. We have to take wealth loss into account."

China also plays an important role in the question of whether the Netherlands will enter a recession, Phlippen says. "A quarter of the population has been in lockdown there since April. As a result, production has partly stopped. This can disrupt supply chains and increase inflation."

https://nltimes.nl/2022/05/23/recession-likely-says-chief-economists-ing-rabobank-abn-amro