According to Statistics Netherlands, the Dutch economy grew by 4.5% in 2022. In 2021 this was still 4.9%. The economy has never grown so fast for two years in a row this century.
According to Mujagic, just over half of the growth came from consumer spending. “Despite last year’s high inflation.” According to the macroeconomist, the high inflation was mainly due to energy prices. However, due to long-term energy contracts, a large part of the population has not been affected.
Obvious
Last year was also the year in which the corona measures were phased out. “For the first time, everything was possible again,” says Mujagic. ‘We could go shopping again, we could go to restaurants, cinemas again. There was government support and almost half a million new jobs were created. So the 4.5% growth is actually very noticeable.’
“Inflation has entered the pores of the economy.”
Now, however, inflation has become “more in the pores of the economy,” says Mujagic. “Long-term contracts have expired, people will now pay the price.” In addition, household savings have been used extensively and government support measures have decreased. “What’s left is the energy ceiling,” Mujagic says.
There is a “but”
That’s why he believes the good years are behind us. “2023 will simply be a significantly worse year than last year. You have to prepare for it,’ says Mujagic. But there is always a “but”.
Because according to Mujagic there are “every reason to be optimistic about the years after 2023”. This year should be used as a year off, to think about the future and what our country needs and what policies should accompany it.