We are not leaving them alone – This is the motto of the Netherlands. The country has consistently been ranked among the top 10 most competitive economies since 2005. A December 2020 report from the World Economic Forum suggested that the Netherlands is very well-equipped to weather the COVID-19 crisis. WEF’s latest Global Competitiveness Report stated that countries with advanced digital economies, robust healthcare systems, social security networks, and those with prior experience with epidemics will be best able to limit the impact of COVID-19. Here is a look at how the Netherlands fits this description perfectly.
Advanced Digital Economy
The European Investment Bank ranked the Netherlands #1 for economic digitalization and digital skills. The advantage of having a digital economy during a crisis like coronavirus are best understood by contrasting with a non-digital one. At the start of the crisis countries like India faced large scale problems. Most businesses stopped accepting cash due to fears of the spread of infection. Digital payment service providers were overstretched to process millions of new applications. There were major challenges with KYC procedures in rural areas, causing further delay and strife. Highly digital economies such as the Netherlands never faced these issues.
Robust Healthcare Systems
The Netherlands has a robust healthcare system. Citizens have easy access to healthcare services. In February 2020 the Netherlands government announced the intention to invest EUR 400 million into solutions for connected digital healthcare. Healthcare professionals across the country widely use eHealth technology, including mobile health apps.
The government cracked down on the virus with strict measures. It imposed fines of EUR 390 for people who gathered in groups. Drones were deployed to detect groups and enforce social distancing. Solutions such as the FibriCheck app, Corona Melder, and The Corona Check were widely used. FibriCheck allowed citizens to perform heart rhythm measurements at home using their phones. The app’s algorithm can identify if a person has arterial fibrillation, and whether the heart rate is faster or slower than normal. By April 2020, more than 70,000 people in the country were using The Corona Check app every day. App-based contact tracing and digital media systems proved useful as early warning tools.
Social Security Networks
The Netherlands’ Ministers of Economic Affairs and Climate Policy, Finance and Social Affairs, and Employment worked hard to expand support and recovery measures for businesses and employees. The Dutch government invested EUR 20 billion in support of businesses which were adversely impacted by the COVID-19 crisis. This was good news for natives as well as migrants. A vast migrant population lives and works in the Netherlands. Migrant workers prioritize sending remittances back home via the Ria Money Transfer App and similar channels. Their livelihoods are the economic lifelines of their families.
Prior Experience with Epidemics
The Netherlands has handled epidemics before. Past experience helped the country implement effective preventive models for coronavirus. The most notable past experience with an infectious disease was from the flu epidemic during the winter of 2014-2015. The RIVM annual report 2015 stated that this flu caused the loss of more than 65,000 lives in the Netherlands. The country handled the situation with international collaboration and digital applications. Surveillance, monitoring, and a data-driven approach were parts of the solution. Strong logistics provided quick and cost-effective diagnoses. Early and deliberate interventions became the standard plan of action against every infectious disease.
The monetary policy of a nation is a key component in fighting crises of all kinds. The fiscal policy adopted by the Dutch government during COVID-19 mitigated negative economic impacts by preserving the work-life balance. As expected, this holistic approach to handling coronavirus has been successful. The OECD Better Life Index recently ranked the Netherlands #1 on work-life balance. The country overtook Denmark with a score of 9.3 out of 10 to take the top spot.
About the Author:
Hemant G is a contributing writer at Sparkwebs LLC, a Digital and Content Marketing Agency. When he’s not writing, he loves to travel, scuba dive, and watch documentaries.