The Dutch government's financial think-tank has joined the central bank in forecasting a recession in 2013 as a result of waning global trade prospects.
The Central Planning Bureau said Wednesday the Dutch economy would shrink 0.5 percent, in contrast to its previous forecast of 0.75 percent growth. Last week the central bank predicted a 0.6 percent contraction, reversing its previous forecast of a 0.6 percent expansion.
If the Dutch economy shrinks again in the fourth quarter following the 1.1 percent quarterly contraction recorded in the third quarter, it will be in recession, officially defined as two straight quarters of negative growth.
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