ING News: Luxembourg’s socio-economic situation

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As part of the round table debates that ING Luxembourg regularly organises for its clients, the Bank invited them on Tuesday 29 September to a discussion evening on the issue "Luxembourg’s socio-economic situation".

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02/10/2015 | Evènements
  • Thelen Carlo

On that occasion, Carlo Thelen, Managing Director and Chief Economist of the Chamber of Commerce, presented them with an analysis of the strengths and weaknesses that currently characterise the Grand Duchy.

The speaker first of all presented an economic outlook for the eurozone and Luxembourg in the form of an overview of the strengths (diversified financial sector, logistics, information technology, health and eco-technologies) and weaknesses (long-term sustainability of public finances, unemployment, weak productivity growth, sustained wage growth) of the Luxembourg economy. In this overview, he pointed out the opportunities (continuing diversification, administrative simplification, foreign trade) and threats (rise in oil prices and the euro, deterioration in public finances, etc.).

A number of themes were brought up during the question and answer session, in particular the labour market, housing and the pension issue.
Mr Thelen did not only give an assessment of the current situation, but also suggested solutions to the list of problems, solutions that could enable Luxembourg to once again enjoy sustainable growth. In particular, he called for an improvement in the education system, increased investment in continuous vocational training and a rapid adjustment of pension and social security spending to the country’s demographic situation.

The evening ended with a walking dinner that allowed the guests to discuss the various themes addressed during the event.

ING is delighted to have provided its clients with information on these issues through this conference and emphasises that its specialists are available to answer any question or request for information.

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