ABN AMRO economists expect economic growth to slow to 0.9 percent in 2020, slightly lower than previously expected. For this year, the expected growth has been increased from 1.3 percent to 1.6 percent.
Growth remains stable in the first two quarters of this year, but is expected to collapse in the second half. "This decline is the result of less growth in exports and of private consumption and investment," said ABN AMRO.
Economists see that world trade is slowing. The expectation for trade has also been lowered due to the trade dispute between the US and China. According to the Central Planning Bureau (CPB), world trade fell by 1.4 percent in June compared to May. Dutch export is also affected by this.
According to economists, a recession in the near future is not likely. All kinds of indicators, such as consumer and producer confidence, have fallen in the last year. But the indicators did not fall further in July and August.