Chapter 9: The Netherlands: Is the Impact of the Financial Crisis on Inequalities Different from in the Past?
Wiemer Salverda 1. INTRODUCTION The times have been turbulent since the start of the new century. GDP fell during the ‘ dotcom crisis’ – after the dotcom equities bubble burst in the year 2000 – and declined again much more substantially in 2008 and 2009 as a result of the current ‘ financial crisis’ (Figure 9.1). Between both were four years of considerable growth. The unemployment rate has also been fluctuating, but not fully in sync with GDP. It increased after the 2 GDP GDP growth, quarter-to-quarter (%) 1.5 1 0.5 0 –0.5 –1 –1.5 –2 –2.5 2000q1 2000q2 2000q3 2000q4 2001q1 2001q2 2001q3 2001q4 2002q1 2002q2 2002q3 2002q4 2003q1 2003q2 2003q3 2003q4 2004q1 2004q2 2004q3 2004q4 2005q1 2005q2 2005q3 2005q4 2006q1 2006q2 2006q3 2006q4 2007q1 2007q2 2007q3 2007q4 2008q1 2008q2 2008q3 2008q4 2009q1 2009q2 2009q3 2009q4 2010q1 2010q2 Unemployment rate, % Labour force 27/10/2011 12:18 5.5 Unemployment rate 5 4.5 4 3.5 3 2.5 2 1.5 1 Source: GDP/capita: 2000–2007 from OECD Economic Outlook No. 87, 2008Q2–2010 from CBS/Statline, Quarterly National Accounts and Quarterly Labour Force Statistics; Harmonized unemployment rate from OECD, Main Economic Indicators. Figure 9.1 Quarterly GDP per capita volume growth and unemployment rate, Netherlands, 2000Q1–2010Q1 (seasonally adjusted) 350 M2778 - VAUGHAN TEXT.indd 350 The Netherlands 351 first GDP decline in 2001 from a minimum level of 2 per cent to a peak of 5.3 per cent in 2005. GDP continued to grow and the unemployment rate fell to 2.5 per cent in 2008, even after GDP...
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