Belgium: Staff Report for the 2014 Article IV Consultation
IMF Staff Country Reports, March 12, 2014
Source details
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- Belgium: Staff Report for the 2014 Article IV Consultation
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Bibliographic details
- Published: March 12, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475541106.002
Overview
- Publication date: March 12, 2014
- Series: IMF Staff Country Reports 2014, 076 (Country Report No. 2014/076)
- Pages: 71
- DOI: https://doi.org/10.5089/9781475541106.002
- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Financial institutions, Fiscal policy, Labor, Labor taxes, Loans, Mortgages, Taxes, Wages
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), budget, CR, deficit, Europe, Global, government, headline inflation, increase labor market participation, ISCR, labor market condition, Labor taxes, Loans, product market rigidity, structural adjustment, Wages
Macroeconomic and competitiveness findings
- The report finds the Belgium economy is resilient but "has been losing competitiveness due to higher labor cost and lower productivity growths than peer countries."
- Government action: "The government has taken measures to close the wage gap."
- Structural need: "The economy also needs to become more productive and adaptable through deeper product and labor market reforms."
Labor and product market issues
- Identified drivers of competitiveness loss:
- Higher labor cost relative to peers.
- Lower productivity growth relative to peers.
- Policy focus recommended:
- Deeper product market reforms.
- Deeper labor market reforms to improve productivity and adaptability.
- Related themes noted in the report: increase labor market participation, labor market condition, Labor taxes, Wages, product market rigidity.
Financial sector supervision and regulation
- The supervisory and regulatory frameworks are being strengthened.
- Specific legislative action: a "new draft banking law that restrains trading activities and improves the recovery and resolution framework."
Policy recommendations and implications
- Continue measures to close the wage gap while addressing underlying productivity shortfalls.
- Pursue deeper product and labor market reforms to boost adaptability and productivity.
- Strengthen supervisory and regulatory frameworks in the banking sector, including legislative reforms to restrain trading activities and improve the recovery and resolution framework.
- Address AML/CFT and related financial integrity concerns as part of broader financial sector policy.
Publication metadata
- Format noted on landing page: Download PDF, More Formats on IMF eLibrary, Order a Print Copy
- Volume: 2014
- Issue: 076
- Stock No: 1BELEA2014001
- ISBN: 9781475541106
- ISSN: 1934-7685
Belgium: Staff Report for the 2014 Article IV Consultation, March 12, 2014. IMF Staff Country Reports 2014, 076.