Annual Report 2020

Rarely has the world changed so drastically in such a short span of time as it did in 2020. The impact has not only affected our daily lives, but also the economy. At year-end 2019, the Dutch economy was forecast to grow by 1.4%. Now, more than a year later, we have experienced a contraction of 3.8%, and we are taking stock of the economic damage wrought by the COVID-19 pandemic. Firm interventions by the Dutch and other European governments and the European Central Bank (ECB) have kept more severe damage at bay. More than anything, our healthcare professionals have put tremendous effort into limiting the consequences of the pandemic for public health. Thanks to the availability of multiple vaccines, we can now look forward to the restoration of public life and the recovery of the economy. At the same time, however, we must acknowledge a high degree of uncertainty. The current crisis again demonstrates just how difficult it is to reliably predict economic developments, and reminds us that we can only manipulate the economy to a certain extent. We must not lose sight of this as we continue to pursue sound policies.