Crisis will be worse than expected

The Dutch economy will shrink faster than the 0.75 percent forecast by the Central Planning Bureau (CPB) next year, according to Nout Wellink, President of the Dutch central Bank.

”If you look at the crisis in the first half of the seventies, how quickly the economy slowed down, then there is more bad weather ahead. The estimate of the CPB of minus 0.75 percent, is too cautious” said Wellink on Dutch national news.

Wellink said that the current downturn will last longer than most people thought. ”We are in 2010 before the economy is going to recover”.

The biggest concern of the bank president is that unemployment is rising in the coming period. ”We must work together as much as possible to prevent more unemployment” according to Wellink.

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