Belgium: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belgium

Belgium: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belgium
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Volume/Issue: Volume 2023 Issue 386
Publication date: December 2023
ISBN: 9798400260278
$20.00
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Finance , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , government formation , money market rate , Belgium economy , General government statement , General government balance , FSAP stress tests , Fiscal consolidation , Energy prices , Financial Sector Assessment Program , Fiscal stance , Inflation , Global

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Summary

Supported by strong and timely policy response, the Belgium economy and its financial sector showed resilience in withstanding a series of shocks in the past three years. Still, as in most euro area countries, growth is slowing, and core inflation remains high. Furthermore, the pandemic and energy crisis increased already-high public debt and structural fiscal deficits. Meanwhile, an aging population and the climate transition are putting pressure on public finances while low productivity and labor participation are dampening potential growth.