## Belgium: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belgium

_IMF Staff Country Reports, February 23, 2026_

## Source details

**Canonical URL:** [Belgium: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belgium](https://www.imf.org/en/publications/cr/issues/2026/02/19/belgium-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-574079)

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## Bibliographic details
- Published: February 23, 2026
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229039260.002

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### Key findings
- The Belgian economy has been resilient to successive shocks but remains scarred through large structural fiscal deficits.
- A rising public debt is highlighted as a core vulnerability.
- Deteriorated price competitiveness and a weaker external position are substantive concerns.
- The report identifies downside risks that could weigh on the outlook, mainly from external demand, geopolitical and trade tensions, and prolonged uncertainty.

### Downside risks and outlook
- Main downside risks:
  - External demand shocks.
  - Geopolitical and trade tensions.
  - Prolonged uncertainty affecting investment and growth.
- These risks could exacerbate fiscal and external vulnerabilities and slow needed rebalancing.

### Fiscal policy recommendations
- Further fiscal consolidation is needed to lower deficits and debt vulnerabilities and restore external balances.
- Fiscal reform priorities:
  - Reducing current spending.
  - Improving public investment efficiency.
  - Improving social spending efficiency.
  - Reducing tax expenditure.
  - Ensuring that regions and communities contribute to fiscal adjustment.

### Structural and EU-level reforms
- Continued domestic structural reforms are required to:
  - Boost employment despite aging.
  - Raise productivity and competitiveness.
  - Soften the impact of fiscal consolidation.
- Efforts with EU partners should focus on:
  - Deepening the single market.
  - Advancing the savings and investment union.
  - Integrating the energy market.

### Summary takeaways
- Belgium’s resilience masks lasting fiscal and competitiveness scars that require policy action.
- A combined approach of fiscal consolidation, spending and tax-reform measures, and structural reforms—coordinated with EU-level initiatives—is emphasized to restore fiscal sustainability, external balances, and competitiveness.

*International Monetary Fund. "Belgium: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belgium", IMF Staff Country Reports 2026, 049 (February 23, 2026).*

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_Source: https://www.imf.org/en/publications/cr/issues/2026/02/19/belgium-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-574079_