Economisch commentaar
Het kabinet is gevallen, maar het is haar toch gelukt om in samenwerking met D66, GroenLinks en de ChristenUnie tot een begroting voor 2013 te komen die in de richting van de 3% gaat. Het resultaat van toont aan dat er een weg is, als er een wil is.
Landenrapport
The Australian economy has quickly shaken off the economic disruption caused by the Queensland floods. The reduction of the budget deficit is slower than expected, but given the very low level of government debt this is no cause for concern.
Landenrapport
The pace of Austria’s export-led economic recovery is likely to slow down in the coming quarters thanks, in part, to the challenging external environment. The risks to this outlook are considered to be broadly balanced.
Landenrapport
The new government has immediately announced a credible austerity package. Although political instability is not off the table for the coming years, the financial position of the private sector and the institutional power are strong.
Landenrapport
Barely recovered from the house price correction and the deep 2009 recession, the Danish economy is now hampered by eurozone headwinds. Despite the monetary and fiscal stimulus we expect only meager growth going forward.
Landenrapport
So far the effects of the European debt crisis on the Norwegian economy have been relatively modest, mostly due to robust growth of private consumption. The housing market should be a key policy area in the coming years.
Landenrapport
The strong economic recovery came to a sudden halt in 11Q4 due to the adverse spillover effects of the European debt crisis. But the country has ample space to stimulate domestic demand by both fiscal and monetary policy.
Landenrapport
After two years of GDP contraction, Croatia’s economy stagnated in 2011, growing by a meager 0.2%. For 2012, the situation in the eurozone, Croatia’s main export market, and sluggish domestic demand are expected to result in another recession.
Landenrapport
Kazakhstan’s banking sector remains one of the country’s major weaknesses, while the authorities are increasingly intolerant of oppositional voices.
Landenrapport
The largest country risks for Bahrain lie in the political and social spheres. We expect the social unrest originated in the Arab spring uprising last year to continue as the grievances of the Shi’a community are not likely to be met.
Landenrapport
Brazil’s economy grew by only 2.7% in 2011, after the high 7.5% growth of 2010. The government has tried to stem the appreciation of the real by further tightening its capital controls.
Landenrapport
The Italian economy fell back into recession in the second half of 2011. We expect the recession to continue in the first half of 2012 and for unemployment to rise further.
Landenrapport
Recent macro data suggest that Japan’s economic activity is picking up, and supply chains are being restored faster than expected. The economy is expected to grow robustly in the short term. However, the long-term prospects are far less rosy.
Landenrapport
Economic and financial developments in New Zealand have continued to be impacted by the aftershocks from the 4 September 2010 Canterbury earthquake. Absent further disruptions, rebuilding should support the economic recovery in the years to come.
Landenrapport
The Spanish economy is back in recession and government austerity measures will ensure that the economic contraction continues throughout the year. There is a clear risk that more austerity will further deepen the recession.