{
  "title": "Belgium: 2025 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, March 20, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/03/20/belgium-2025-article-iv-consultation-press-release-and-staff-report-565399",
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  "summary": "The 2025 Article IV Consultation highlights that the Belgian economy was resilient to a series of shocks, but growth has been slowing, and core inflation remains persistent. Labor productivity growth remained sluggish, and labor-cost competitiveness has declined.",
  "sections": [
    {
      "heading": "Key findings on recent performance and outlook",
      "content": "- The Belgian economy was resilient to a series of shocks, but growth has been slowing.\n- Core inflation remains persistent.\n- Labor productivity growth remained sluggish.\n- Labor-cost competitiveness has declined.\n- Successive shocks have increased structural fiscal deficits and public debt.\n- Risks from deepening geoeconomic fragmentation and intensification of regional conflicts affecting energy, trade and financial spillovers could worsen the outlook."
    },
    {
      "heading": "Fiscal policy assessment and needs",
      "content": "- Sustained fiscal consolidation is needed to:\n  - support disinflation despite upside risks;\n  - rebuild buffers;\n  - lower vulnerabilities to changes in market sentiments;\n  - address pressures from aging and the green transition."
    },
    {
      "heading": "Structural reforms and growth agenda",
      "content": "- Reforms are needed to increase growth potential through:\n  - higher labor force participation;\n  - higher productivity; and\n  - more efficient resource allocation.\n- Priority reform areas identified:\n  - increase the income gap between work and nonwork through tax and social benefits reforms;\n  - reform the wage-setting mechanism;\n  - upgrade human capital formation.\n- Sustaining the green transition requires strong commitment by and enhanced coordination among the federal and federated entities."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Income, Labor, Labor markets, National accounts, Public debt, Wages\n- Keywords: CD center, core inflation, executive board assessment, Global, Income, Labor markets, single market, tax administration diagnostic assessment tool, Wages\n\n---\n\n Content in this bundle\n\n- 1. Macroeconomic Developments\n  - 1. Macroeconomic Developments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1. Macroeconomic Developments (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 20, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229005180.002",
    "The Belgian economy was resilient to a series of shocks, but growth has been slowing.",
    "Core inflation remains persistent.",
    "Successive shocks have increased structural fiscal deficits and public debt.",
    "Risks from deepening geoeconomic fragmentation and intensification of regional conflicts affecting energy, trade and financial spillovers could worsen the outlook.",
    "Sustained fiscal consolidation is needed to:",
    "Reforms are needed to increase growth potential through:",
    "Priority reform areas identified:",
    "Sustaining the green transition requires strong commitment by and enhanced coordination among the federal and federated entities.",
    "Subject: Income, Labor, Labor markets, National accounts, Public debt, Wages",
    "Keywords: CD center, core inflation, executive board assessment, Global, Income, Labor markets, single market, tax administration diagnostic assessment tool, Wages",
    "**1. Macroeconomic Developments**"
  ],
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