Belgium: Staff Report for the 2002 Article IV Consultation

International Monetary Fund

No 2003/049, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2002 Article IV Consultation highlights that Belgium’s real GDP growth fell sharply in 2001 to 0.8 percent and remained weak in 2002 at an estimated 0.7 percent. The fundamental factor behind these developments was the slowdown in the economies of Belgium’s trading partners, especially Germany. Thus, Belgium’s export market growth fell from a robust 12.1 percent in 2000 to only 0.6 percent in 2001; in 2002, export markets shrank an estimated 1 percent. In 2002, employment began to decline and unemployment began to rise.

Keywords: ISCR; CR; staff projection; world oil price; fund staff estimate; table; staff appraisal; emergence of a deficit; reducing social spending; revised projection; General government balance; Fiscal stance; Labor markets; Wages; Global; Europe (search for similar items in EconPapers)
Pages: 41
Date: 2003-03-04
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