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

_IMF Staff Country Reports, March 20, 2025_

## Source details

**Canonical URL:** [Belgium: 2025 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2025/03/20/belgium-2025-article-iv-consultation-press-release-and-staff-report-565399)

## Other formats

- [Markdown version](/en/publications/cr/issues/2025/03/20/belgium-2025-article-iv-consultation-press-release-and-staff-report-565399/index.md)
- [Structured JSON version](/en/publications/cr/issues/2025/03/20/belgium-2025-article-iv-consultation-press-release-and-staff-report-565399/index.json)
- [Bundle manifest](/en/publications/cr/issues/2025/03/20/belgium-2025-article-iv-consultation-press-release-and-staff-report-565399/bundle-manifest.json)

## Bibliographic details
- Published: March 20, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229005180.002

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### Key findings on recent performance and outlook
- The Belgian economy was resilient to a series of shocks, but growth has been slowing.
- Core inflation remains persistent.
- Labor productivity growth remained sluggish.
- Labor-cost competitiveness has declined.
- 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.

### Fiscal policy assessment and needs
- Sustained fiscal consolidation is needed to:
  - support disinflation despite upside risks;
  - rebuild buffers;
  - lower vulnerabilities to changes in market sentiments;
  - address pressures from aging and the green transition.

### Structural reforms and growth agenda
- Reforms are needed to increase growth potential through:
  - higher labor force participation;
  - higher productivity; and
  - more efficient resource allocation.
- Priority reform areas identified:
  - increase the income gap between work and nonwork through tax and social benefits reforms;
  - reform the wage-setting mechanism;
  - upgrade human capital formation.
- Sustaining the green transition requires strong commitment by and enhanced coordination among the federal and federated entities.

### Subject areas and keywords
- 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

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## Content in this bundle

- **1. Macroeconomic Developments**
  - [1. Macroeconomic Developments (Markdown version)](/-/media/files/publications/cr/2025/english/1belea2025001-print-pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [1. Macroeconomic Developments (PDF)](/-/media/files/publications/cr/2025/english/1belea2025001-print-pdf.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2025/03/20/belgium-2025-article-iv-consultation-press-release-and-staff-report-565399_