Global Financial Crisis: reload

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The Global Financial Crisis of 2008 is not simply written with capital letters. The normal citizen, after all, was a little bit shocked and the fear of a repetition is all right, according to a new survey by ING (which reportedly responds to 60k people per day).

46 percents of the respondents have become a lot more cautious and nowadays Nibud spawns by saving more and borrowing less. In addition, the same proportion of consumers expect a new crisis to break in much more than the previous one – only 15% think it is all too bad. All these worries are, however, somewhat exaggerated, ING chief economist Marieke Blom (*) adds quickly. Firstly, the buffers of households are stronger, but that also applies to public finances. You have not failed to notice that during the crisis the state was cutting back economically – and with a nice word a procyclical fiscal policy – but with the current declining government debt, there is more room to help the economy in the future. and to proceed to the countercyclical variant. Then to the predictions chapter: panic for a fast recession is also unnecessary, ING thinks.

It is only true that next year the economy will not grow by 2.4% but by 2%, the bank will bubble. Yesterday, the economic department of ABN Amro also made 2% of its previous growth forecast of 2.5% in 2019. This is mainly due to the fact that export expectations are declining due to flattening global growth. And of course there are risks such as the hassle of trade wars, but especially the Italian fantasy budget and the Brexit train disaster. But for now, the motto is mainly to remain positive and not to listen too much to the negative media coverage, says Blom. In that respect we can learn something from the British Prime Minister Theresa May.


By: Maurice Eisma

Maurice Esma, a co-founder of EconomicInform is a freelance journalist with the expertise in international finance and corporate rights. The author can be reached by email maurice.eisma@economicinform.com

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