Country Report
Luxembourg: staying on top in a changing environment
Luxembourg continued to show robust growth in 2015. New fiscal and financial regulation is heading towards Luxembourg, challenging its financial sector-driven growth model.
RaboResearch - Economic Research
14 Publications
Country Report
United Kingdom: Brexit poses the main risk to the economy
In case of a Brexit, a prolonged period of heightened uncertainty is likely, hurting the British financial sector and business investments. Other risks stem from the high private debt and the banking sector.
Country Report
Belgium: recovery at a snail's pace
The centre-right government has successfully implemented several policy measures to improve Belgian price competitiveness. High public debt, inflation and security issues are the most prominent downward risks for a stable economic recovery.
Country Report
Germany: stable economic growth with challenges ahead
The German economy performs well on the back of a competitive export sector and is rebalancing towards domestic demand, driven by a strong labour market. The recent surge in immigration poses a significant challenge for the German economy.
Country Report
United States: political outlook improved while economy looks on track
The US benefits from a more stable and bipartisan politics lately while the conclusion of TPP is set to reinforce its geopolitical clout. The economy looks on track with unemployment at pre-crisis levels.
Country Report
Taiwan: Tsai’s victory fuels tensions between China and Taiwan, but full escalation unlikely
Tsai Ing-wen’s and her DPP’s victory will increase tensions with China, though an escalation to crisis levels seems not very likely. Growth took a hit in 2015 and is likely to recover in 2016, but external factors create substantial uncertainties.
Country Report
Country report Mexico
Economic growth has slowed as a result of low oil prices and tax hikes, but going forward external demand and investment will support growth. Oil reform will further induce FDI but the security situation in some region remains challenging.
Country Report
Country Report Puerto Rico
Puerto Rico’s government is on the very verge of a default. Structural problems, economic shocks and weak public finances have yielded a decade of economic stagnation, outmigration, fiscal deficits and an unsustainable public debt.
Country Report
Country Report Saudi Arabia
Economic growth has slowed down and government finances have deteriorated quickly as a result of lower oil prices. After his accession, King Salman has made major changes to the leadership that have consolidated power in the Sudairi clan.
Country Report
Country report United Kingdom
The UK economy has seen more balanced growth lately: wage growth has returned, debt levels are gradually falling and the housing market has cooled down. However, a low Euro weighs on export performance while the risk of a Brexit has increased.
Country Report
Country report Portugal
The Portuguese economy returned to growth in 2014 but medium term prospects remain weak. Meanwhile, with an election this year, the reform effort while this year’s budget is based on overly optimistic assumptions.
Country Report
Country Report Spain
The Spanish economy is expected to maintain its competitiveness while domestic demand strengthens. The low quality of employment created may hurt productivity growth. We expect to see political fragmentation at the national level.
Country Report
Country report Ireland
The strong rebound of the Irish economy supported private sector deleveraging while the housing prices rebounded strongly. With the budget deficit down and political stability enduring, the situation in Ireland is set to improve further.
Country Report
Country report Italy
Italy’s economy shrank again in 2014, and is expected to only recover slowly. Political stability has improved a bit and the government’s reform agenda is promising. Some major reforms have already been achieved, but progress is and will remain slow.
