Unemployment has been partly avoided in these European countries thanks to the wage support to companies, but the precise conditions of this wage support differ from one country to another. “In the Netherlands, staff paid through wage support receive their full salary,” explains Wijffelaars. “A Spaniard only gets 70%. It will make a difference for the recovery of the economy, because it means these Spaniards have less money to spend.”
Consumer spending, among other things, is expected to help the global economy recover in the near future. It sort of works like a sum: the more we spend, the more income companies generate, the more investments they can make that make them more productive, ultimately accelerate the growth of the economy – that’s the idea.
Wijffelaars is confident in the recovery of the economy in the Netherlands, in part thanks to the fact that we are again visiting places where we can spend money. You can see it in the graphic below. “We still go less to cinemas, malls and restaurants than before the crisis, but you see a clear recovery since mid-April. These data only say something in the very short term, but I am wait for this to continue. “