IMF Staff Country Reports

Belgium: 2025 Article IV Consultation-Press Release; and Staff Report

March 20, 2025

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Format: Chicago

International Monetary Fund. European Dept. "Belgium: 2025 Article IV Consultation-Press Release; and Staff Report", IMF Staff Country Reports 2025, 069 (2025), accessed March 21, 2025, https://doi.org/10.5089/9798229005180.002

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Summary

The economy has been resilient to a series of shocks, but growth is slowing, and disinflation is facing headwinds. The labor market has been strong but shows early signs of cooling. Labor-cost competitiveness has declined with wage growth outpacing sluggish productivity. Successive shocks have increased structural fiscal deficits and public debt. Protracted coalition negotiations after elections in June 2024 stalled policymaking; a new federal government was formed in February 2025.

Subject: Expenditure, Financial sector policy and analysis, Financial sector stability, Fiscal consolidation, Fiscal policy, Fiscal stance, Government debt management, Labor, Labor markets, Macroprudential policy, Public debt, Public financial management (PFM), Wages

Keywords: Energy transition, Financial sector stability, Fiscal consolidation, Fiscal stance, Government debt management, Inflation, Labor markets, Macroprudential policy, Wages

Publication Details

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