{
  "title": "Belgium: 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Belgium",
  "publication": "IMF Staff Country Reports, March 31, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/03/30/belgium-2020-article-iv-consultation-press-release-staff-report-staff-supplement-and-49299",
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  "summary": "This 2020 Article IV Consultation with Belgium highlights that economic activity has held up relatively well over the last year, but the outlook is clouded by unusual uncertainty and risks.",
  "sections": [
    {
      "heading": "Executive summary and outlook",
      "content": "- Economic activity has held up relatively well over the last year, but the outlook is clouded by unusual uncertainty and risks.\n- The coronavirus outbreak is expected to reduce growth this year, and the outlook is highly uncertain and subject to risks, including:\n  - more widespread and damaging effects of the coronavirus,\n  - escalating trade tensions,\n  - a sharper euro-area growth slowdown,\n  - prolonged domestic political gridlock.\n- Policies should focus on addressing the coronavirus outbreak in the near term and rebuilding resilience and addressing structural challenges in the medium run."
    },
    {
      "heading": "Near-term policy priorities (COVID-19 response)",
      "content": "- Immediate policy priority: contain the spread and damaging effects of the coronavirus through targeted temporary support measures to affected firms and individuals.\n- Ensure that the healthcare system has adequate resources to address the crisis."
    },
    {
      "heading": "Medium-term structural priorities and reforms",
      "content": "- Reversing the declining trend in productivity growth is essential to support higher standards of living and safeguard fiscal sustainability.\n- Reform efforts should focus on:\n  - reducing red tape for start-ups,\n  - lowering regulatory barriers to competition in key sectors,\n  - supporting access to venture capital for innovative firms,\n  - boosting public investment in infrastructure, fiscal space permitting."
    },
    {
      "heading": "Risks and downside scenarios",
      "content": "- More widespread and damaging effects of the coronavirus could materially worsen growth.\n- Escalating trade tensions and a sharper euro-area growth slowdown represent significant external risks.\n- Prolonged domestic political gridlock could impede implementation of necessary reforms and fiscal adjustment."
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      "heading": "Thematic coverage and issues addressed",
      "content": "- Anti-money laundering and combating the financing of terrorism (AML/CFT)\n- COVID-19, containment measure, coronavirus outbreak\n- Credit, Loans, Financial institutions, Money\n- Fiscal policy, Fiscal stance, Public debt, Spending reform\n- Health\n- Crime\n- State reform, opposition party, government, ISCR, firm, Europe, Global, unfolding COVID-19 crisis\n\n---\n\n Content in this bundle\n\n- 1belea2020001\n  - 1belea2020001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1belea2020001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 31, 2020",
    "Series: IMF Staff Country Reports",
    "Economic activity has held up relatively well over the last year, but the outlook is clouded by unusual uncertainty and risks.",
    "The coronavirus outbreak is expected to reduce growth this year, and the outlook is highly uncertain and subject to risks, including:",
    "Policies should focus on addressing the coronavirus outbreak in the near term and rebuilding resilience and addressing structural challenges in the medium run.",
    "Immediate policy priority: contain the spread and damaging effects of the coronavirus through targeted temporary support measures to affected firms and individuals.",
    "Ensure that the healthcare system has adequate resources to address the crisis.",
    "Reversing the declining trend in productivity growth is essential to support higher standards of living and safeguard fiscal sustainability.",
    "Reform efforts should focus on:",
    "More widespread and damaging effects of the coronavirus could materially worsen growth.",
    "Escalating trade tensions and a sharper euro-area growth slowdown represent significant external risks.",
    "Prolonged domestic political gridlock could impede implementation of necessary reforms and fiscal adjustment.",
    "State reform, opposition party, government, ISCR, firm, Europe, Global, unfolding COVID-19 crisis",
    "**1belea2020001**"
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