Why Netherlands is so rich? | The Economy of Netherlands in 10 minutes

The economy of the Netherlands is the 17th largest in the world in 2021 according to the World Bank and the International Monetary Fund. Its GDP per capita was estimated at roughly $57,101 in the fiscal year 2019/20, which makes it one of highest-earning nations in the world. Between 1996 and 2000, annual economic growth (GDP) averaged over 4%, well above the European average of 2.5% at the time. Growth slowed considerably in 2001–05 as part of the early 2000s recession. The years 2006 and 2007 however showed economic growth of 3-4% per annum. The Dutch economy was hit considerably by the financial crisis of 2007–2008, and the ensuing European sovereign-debt crisis. The Netherlands has a prosperous and open economy, which depends heavily on foreign trade. The economy is noted for stable industrial relations, fairly low unemployment and inflation, a sizable current account surplus (which, compared to the size of the country, is even more than Germany) and an important role as a European transportation hub. Rotterdam is by far the biggest port in Europe, and Amsterdam has one of the biggest airports in the world. Industrial activity is predominantly in food processing, chemicals, petroleum refining, high-tech, financial services, the creative sector and electrical machinery. Its highly mechanised agricultural sector employs no more than 2% of the labour force, but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. Subscribe to channel:    / @theeconomicpie2013   Also watch: The Economy of UAE:    • The Economy of UAE | United Arab Emirates ...   The Economy of Australia:    • Video