Recession worse than predicted: ex-finance minister

22nd December 2008, Comments 0 comments

Former Dutch Finance Minister accuses authorities of underestimating the impact of the global crisis and for presenting an overly-optimistic view of 2009’s economy.

THE HAGUE – Former Finance Minister Onno Ruding warns the recession will be far worse than predicted by the Bureau for Economic Policy Analysis (CPB).

In an interview with the financial daily Het Financieele Dagblad, Ruding, a former banker, accuses the government and the CPB of seriously underestimating the consequences the global crisis will have in the Netherlands.

Ruding fears the first quarter of 2009 will be particularly bad and expects Dutch economy to shrink by several percentage points rather than the 0.75 percent forecast by the CPB.

[Radio Netherlands / Expatica]

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