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
48 Publications
Country Report
France: Growth returns but remains structurally weak
Economic activity is recovering after several years of near-zero growth. But the French economy still faces many structural challenges, including a relatively weak competitive position, high unemployment and weak public finances.
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
Australia: an economy in transition
The Australian economy remains resilient. After the mining investment boom, the economy is now primarily driven by net exports and consumption. Meanwhile, the housing market softened due to tightened lending standards to housing investors.
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
Mexico: growth holds up well despite austerity
Growth is holding up well despite the fallout from low oil prices and the resulting fiscal austerity, which strongly and negatively affects public investment but at the same time supports the credibility of the government’s economic policies.
Country Report
Singapore: slowing growth, but still top notch
Singapore’s economy faces multiple headwinds. But, strong institutions and effective policymaking support (potential) growth. Owing to the landslide victory of PAP in the September’s national elections strong policy continuity is preserved.
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
New Zealand: continuing stress in dairy and housing sector
The economic growth outlook has worsened due to less favorable global outlook, which keeps key commodity prices low. The risk of a sharp correction of house prices in Auckland has induced the government to implement additional macro-prudential measures.
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 New Zealand
Economic growth is slowly decelerating in New Zealand due to prolonged low commodity prices. Low milk prices put a strain on the dairy sector. Meanwhile, the RBNZ in general softened its LTV restrictions, but tightened it for the Auckland area.
Country Report
Country Report Canada
Economic growth in Canada is expected to slow somewhat, as the oil price plunge will negatively impact investment but boost consumption somewhat. The housing market is Canada’s main domestic risk, as high house prices and high levels of debt make households vulnerable to a rate hike.