Belgium: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belgium

International Monetary Fund

No 2026/049, IMF Staff Country Reports from International Monetary Fund

Abstract: The economy has been resilient through turbulence but remains scarred with large structural fiscal deficits, elevated and rising public debt, and a weak external position. Reducing vulnerabilities and imbalances against headwinds from long-term spending pressures and a deteriorated, more uncertain external environment requires deep reforms. The federal coalition government launched welcome pension, tax, and labor market reforms while seeking to curb deficits and public debt. However, pushback by labor unions, internal coalition differences, and insufficient coordination between the regional and federal governments complicate the implementation of the reform agenda.

Pages: 76
Date: 2026-02-23
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