Belgium: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belgium

IMF Staff Country Reports, March 11, 2019

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Canonical URL: Belgium: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belgium

Belgium has experienced nine consecutive years of economic growth.
Per capita GDP has surpassed pre-crisis levels.
Unemployment is at its lowest level in four decades.
The financial sector has undergone structural changes and increased its resiliency to shocks.
Authorities implemented important reforms in recent years that have contributed to job creation, improved competitiveness, and lowered the deficit.
The reform agenda is unfinished and the new government should take advantage of still favorable economic conditions to press ahead with further reforms to strengthen resilience and growth potential.

Priority: rebuild fiscal buffers by gradually moving toward a balanced budget in the medium term.
Support fiscal consolidation with efficiency-oriented spending reforms.
Boost productivity growth by:
- supporting entrepreneurship,
- increasing investment in infrastructure,
- strengthening competition in services,
- fostering innovation.

Subjects: Employment, Financial institutions, Fiscal policy, Fiscal stance, Labor, Labor markets, Loans, Public debt
Keywords: authority, Belgium, CR, economy's resilience, Employment, employment growth, Europe, Fiscal stance, Global, IMF staff projection, ISCR, Labor markets, Loans, productivity differential, productivity gain, real GDP, reform momentum