The Dutch economy swiftly returned to its pre-pandemic growth path, but rapidly rising inflation started to weigh on growth, magnifying existing challenges, such as the urgency of the transition to net zero, ageing-related fiscal pressures, and pervasive labour shortages. Significant investments in low-carbon infrastructure and technologies are needed to reduce dependence on fossil fuels and exposure to global energy price fluctuations. Healthy public finances allowed for fiscal support to protect households and firms from surging energy prices, but population ageing will increase fiscal pressure going forward.