RaboResearch - Economic Research

Country Report

Portugal (Country report)

The Portuguese economy is heading back to recession. After the fall of the government and with serious upward revisions to the public deficit and debt numbers, financial markets lost further confidence, pushing up the interest rate on government bonds to unsustainable levels.

Country Report

Switzerland (Country report)

The Swiss economy is on the path to recovery owing to expansionary monetary and fiscal policies combined with a quick rebound in world trade. That said, a further strengthening of the Swiss franc can pose significant challenges for exporters and monetary policymakers alike.

Country Report

The Netherlands (Country Report)

The Netherlands has weathered the crisis relatively well. The Dutch economy shrunk in 2009 by 3.9%, and has by now made up half of that loss.

Country Report

Finland (Country report)

Based on the stronger than expected economic recovery in 2010 and on the current robust momentum, we are fairly optimistic about the Finnish growth prospects for the coming years.

Country Report

Belgium (Country report)

The ongoing political stalemate poses a threat to the necessary structural adjustments of the government budget. We don’t expect a satisfying level of budgetary adjustments in the short term and are unsure about the resulting sentiment in financial markets.

Country Report

Brazil (country report)

After posting 7.5% economic growth in 2010, the highest growth rate in 24 years, we expect the economy to grow at a slower pace in 2011. This is welcome, as inflation has been approaching the upper bound of the target range.

Country Report

Argentina (Country update)

On the back of high commodity prices and very expansionary fiscal and monetary policies, Argentina’s economy has been growing rapidly. This has resulted in high inflation and a shrinking current account surplus.

Country Report

Australia (Country report)

The Australian economy has weathered the global financial and economic crisis relatively well and the deterioration in the public budget balance is easily accommodated by the low sovereign debt level.

Country Report

Austria (Country report)

Overall, the difficulties that the government could face from an outright crisis in the CEE countries have abated. And the confirmation of the AAA status of the sovereign by the rating agencies on the back of a relatively strong fiscal position will give the government enough room to support the banks should the need arise.

Country Report

Norway (Country report)

The economic outlook for the Norwegian economy is solid. As there have been significant fiscal and monetary stimulus measures during the crisis, it’s now time for the government to step back.

Country Report

Poland (Country update)

The general trend in Poland is continuation. Economic growth was solid at almost 4% in 2010 and is expected to stay at this level this year. The key factor will be whether investment will kick in again.

Country Report

Spain (Country report)

The Spanish economy is still coping with the consequences of the housing market boom and bust. We expect weak economic growth both this year and next, leading only to a very modest decline in the unemployment rate.

Country Report

Denmark (Country report)

So far the economic recovery in Denmark has only been modest. That said, the growth outlook has improved and the government is making progress with budgetary consolidation and more prudent financial regulation.

Country Report

Egypt (Country report)

A wave of protests of relatively loosely organized youth groups with support of Islamist and civil organizations forced an end to the 30+ years of Mubarak rule.