2023-11-24 04:03:06 ET
The Netherlands has shifted to the right with anti-Islam populist Geert Wilders' Freedom Party's massive win in the Dutch elections , putting him in the lead to become the next prime minister.
Wilders still needs to form a coalition government, for which talks are expected to take some weeks. Outgoing Prime Minister Mark Rutte will remain in a caretaker role till a new government is set up, expected in the first half of 2024.
"The formation of the coalition is likely to take a very long time, and national policy ambitions pushing up against the limits of the government budget will be a key hurdle," said ING economists.
Wilders, sometimes referred to as the Dutch Trump , campaigned for the "de-Islamization" of the Netherlands and even a referendum on leaving the European Union.
Wilders has proposed slashing immigration, shutting mosques and banning the Quran. However, he moderated his stance in the final weeks of his campaign, vowing to be a prime minister for all Dutch people.
Reining in immigration has been a major issue in the Netherlands, leading to Rutte's and his Cabinet's resignation in July. European countries have been facing a major influx of migrants, particularly from the Middle East and Africa.
The Netherlands is also facing a cost-of-living crisis, housing shortages and limited access to affordable healthcare. Its economy slipped into a technical recession in Q2, which has dragged into Q3.
The Amsterdam Exchange index ( AEX ) slipped 0.1% .
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Netherlands tilts to right after shock win by Geert Wilders' party