Five years ago, the Dutch economy came to an abrupt standstill. Lockdown measures in response to the emerging coronavirus pandemic closed restaurants, schools, and offices. The outlook was grim: a deep recession seemed inevitable, with economic institutions predicting rising unemployment and falling housing prices. Yet the opposite occurred. Both De Nederlandsche Bank (DNB) and ING now speak of an “economic miracle.”
“Very few of the predictions we made at the time came true”
DNB director Olaf Sleijpen
In 2020, mass layoffs and bankruptcies were expected, but they never materialized. Thanks in part to a swift and extensive government support package, the economic foundation remained surprisingly strong.
The secret behind the success: rapid government action and economic resilience
On March 17, 2020, just days after the first closures, the Dutch government released tens of billions of euros to support businesses. Salaries were subsidized, tax payments could be postponed, and entrepreneurs received assistance with fixed costs. This not only kept businesses afloat but also safeguarded jobs and tax revenues.
Marieke Blom, chief economist at ING, summarized it concisely: “The lesson from COVID is that a government can prevent worse outcomes by spending a lot of money. And in the end, we didn’t even end up with a higher national debt.”
Key economic Indicators in 2025
- Unemployment
In the first quarter of 2025, unemployment in the Netherlands stood at 3.8% of the labor force—about 390,000 people. This is a slight increase compared to the previous quarter (3.7%). The rise is partly attributed to more people actively seeking work. - Bankruptcies
After a sharp increase in bankruptcies in 2024—up by 29%—the situation seems to be stabilizing in 2025. In the first quarter, 346 bankruptcies were recorded in January, 375 in February, and 292 in March. Credit insurer Atradius forecasts a modest 2% decline in bankruptcies for the full year 2025, partly due to unexpectedly low figures in the first quarter. - Economic growth
The Dutch economy is expected to grow by 1.3% in 2025, driven mainly by consumer spending and public sector investment.
Remote work as a lasting legacy
Although many sectors quickly rebounded to pre-pandemic levels, one development appears to be permanent: remote work. Sleijpen notes that what was once rare is now the standard. “Nowadays, people work from home at least 50% of the time.” Public transportation usage also remains structurally lower than before the pandemic.
Office design, mobility, and strategic autonomy
These changes have reshaped how offices are designed and used. Companies are investing more in flexible workspaces, digital meeting infrastructure, and hybrid work models. Strategic autonomy is also gaining attention, particularly the effort to repatriate the production of medical goods to Europe—an insight born directly from the pandemic.
An unexpected success story
In the end, the economic consequences of the COVID-19 crisis were less severe than feared, thanks to a combination of rapid government intervention and a surprisingly agile economy. While the social and medical policies remain subjects of debate, the economic assessment is largely positive. For office professionals and entrepreneurs, the period taught one key lesson: resilience, flexibility, and proactive policy can make even an “economic shock” manageable.
