The Dutch central bank DNB said on Monday that the Dutch economy will contract by 6.4% this year, twice as much as during the credit crisis of 2009.

And while the recovery will start in the second half of the year, economic growth will hit just 2.9% next year and 2.4% in 2022, the central bank said, adding that the uncertainties remain considerable.

The biggest negative impact of coronavirus will be felt in the second half of the year, as consumers, companies and export destinations reduce their spending drastically.

Household spending, the bank says, will shrink by 7.6% this year, while companies will invest nearly 14% less and exports decline nearly 11%. Unemployment, the bank says, will reach 4.6% this year but will go up again to 7.3% in 2021.

House prices will go down 5% over the next two years, but there will be no housing market or financial sector crisis, as in 2008.

The central bank is more pessimistic than Rabobank, which said earlier on Monday that the economy would shrink by nearly 6%.

Because of the uncertainty, the central bank has also drawn up two more scenarios, one mild and one more serious. In the worst case scenario, the economy will shrink by nearly 12% the bank said.