After the economic boom in 1997 when GDP grew by 3.3%, the term “Dutch miracle” became widely used in reference to the Dutch economy. The nation’s successful polder (literally “dyke”) model – based on an agreement between employers, unions and the government to strive for wage moderation in exchange for shorter working hours – set an example for other countries eager to mimic the buoyant economic growth of the Netherlands. Robust performance in 1997 was continued into the first quarter of 1998 with a quarter-on-quarter growth rate of 1.1%,
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