## Belgium: Selected Issues

_IMF Staff Country Reports, December 8, 2023_

## Source details

**Canonical URL:** [Belgium: Selected Issues](https://www.imf.org/en/publications/cr/issues/2023/12/07/belgium-selected-issues-542054)

## Other formats

- [Markdown version](/en/publications/cr/issues/2023/12/07/belgium-selected-issues-542054/index.md)
- [Structured JSON version](/en/publications/cr/issues/2023/12/07/belgium-selected-issues-542054/index.json)
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## Bibliographic details
- Published: December 8, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400260759.002

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### Key findings
- Belgium is facing higher structural deficits and rising debt after the pandemic and energy crisis.
- Fiscal consolidation is needed to lower inflation, rebuild buffers, reduce debt, and preserve Belgium’s social contract.
- Comparisons with peers show that rationalizing and increasing the efficiency of social benefits and the public wage bill would need to be at the core of the consolidation effort.
- All federal entities should share the burden of the adjustment, in a coordinated manner, with accountability at all levels of government, and within a credible and clear multi-year consolidation plan.
- Comprehensive spending reviews would help target budgetary saving.
- To mitigate the near-term growth impact and boost potential growth, public investment should be preserved, and the adjustment should be paired with structural reforms to increase labor force participation and productivity.

### Policy recommendations and consolidation strategy
- Rationalize and increase efficiency of social benefits.
- Rationalize and increase efficiency of the public wage bill.
- Ensure that all federal entities share the burden of adjustment in a coordinated manner.
- Establish accountability at all levels of government.
- Implement a credible and clear multi-year consolidation plan.
- Conduct comprehensive spending reviews to identify targeted budgetary savings.
- Preserve public investment to mitigate short-term growth impacts.
- Combine fiscal consolidation with structural reforms to raise labor force participation and productivity.

### Thematic focus areas
- Fiscal consolidation and fiscal policy
- Expenditure efficiency (social benefits, public wages)
- Governance and intergovernmental coordination
- Public investment prioritization
- Structural reforms to boost labor and productivity
- Pension spending and demographic considerations (Aging, Population and demographics)
- Interaction with monetary policy and inflation control

### Publication and metadata
- Publication title: Belgium: Selected Issues
- Publication date: December 8, 2023
- Series: Country Report No. 2023/387
- Issue: 387
- Volume: 2023
- Pages: 48
- DOI: https://doi.org/10.5089/9798400260759.002
- Stock No: 1BELEA2023005
- ISBN: 9798400260759
- ISSN: 1934-7685
- Accessed date in citation preview: 9/11/2026

*Source: IMF Staff Country Reports — Belgium: Selected Issues*

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## Content in this bundle

- **Belgium: Selected Issues; IMF Country Report No. 23/387; November 20, 2023**
  - [Belgium: Selected Issues; IMF Country Report No. 23/387; November 20, 2023 (Markdown version)](/-/media/files/publications/cr/2023/english/1belea2023005.pdf.md){rel="alternate" type="text/markdown"}
  - [Belgium: Selected Issues; IMF Country Report No. 23/387; November 20, 2023 (PDF)](/-/media/files/publications/cr/2023/english/1belea2023005.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2023/12/07/belgium-selected-issues-542054_