Laurent Nittler (Economist Club Luxembourg): From Numbers to Narratives

Laurent Nittler, president of the Economist Club Luxembourg, explains how his organisation blends academic roots, policy relevance, and economic insight. Interview.

What defines the Economist Club today?

The club began in 1964 as an association of economics graduates and formally adopted its current name in 1998. It maintains this academic foundation but now extends its reach beyond traditional economists. Events have evolved from open debates to structured lectures with high-level speakers and limited Q&A. One flagship conference each year is dedicated to the national budget and hosted just before its presentation to parliament, making it a key moment in the policy calendar. Since 2015, a Memorandum of Understanding with the University of Luxembourg rewards the best master’s thesis in Quantitative Economics and Finance with a financial prize, affirming the club’s commitment to academic excellence. A future deepening of this collaboration is under discussion. The club’s audience includes about 250 people, with roughly one-third attending regularly, one-third occasionally, and the rest newcomers. Corporate memberships, which don’t require an academic background, have helped broaden participation. Each event starts with participants introducing themselves, ensuring productive networking. Membership costs are modest: €75 for individuals, €250 for small corporations, and €500 for large ones, providing accessible entry to informed economic dialogue.

How does the club assess Luxembourg’s economic outlook?

Over the past three decades, Luxembourg grew at a steady three percent annual GDP rate. Recent years show much slower growth, one percent at best, and projections for 2026 remain under two percent. The club views this trend as insufficient to maintain the current economic and social model, especially with pressures on pension and social systems. Historic calls for pension reform, some made as early as the 2000s, have only been partly addressed. Job creation also presents concerns: in the past year, net employment grew by only one percent, of which public sector roles made up 0.7 percent. The private sector, in other words, barely expanded. While the arrival of new companies is encouraging, the simultaneous downsizing of established players undermines overall momentum. Maintaining Luxembourg’s competitive edge means going beyond networking and meetings. It requires measurable results, particularly in job creation and innovation. The nation’s small size and accessibility of stakeholders create fertile ground, but these strengths must translate into tangible economic impact to secure long-term sustainability.

“KPIs are quite important because in the private sector, it is all about how you measure things.”

Can public governance benefit from economic thinking?

KPIs (key performance indicators) are central to private sector management yet remain scarce in Luxembourg’s public ecosystem. Setting targets is only the beginning; the real challenge lies in monitoring and accountability. While some ministries show willingness to evolve, strong institutional resistance remains. The absence of reliable KPIs obscures policy outcomes, especially in initiatives like Meluxina or space investment, where returns remain unclear. Economists advocate for transparent investment logic: invest only when the expected outcome justifies the cost. Public money, unlike private capital, belongs to taxpayers and future generations. The debt level, currently around 26 percent of GDP, is manageable but requires vigilance, especially as interest rates rise. High interest weakens sectors like real estate and finance, which are central to Luxembourg’s model. The country’s high savings rate limits domestic investment, highlighting a need for better financial education and new tools for channelling local capital into national projects. Competitiveness depends not on slogans, but on data-driven decisions, something economists, by training, are well placed to champion.