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Belgium: 2016 Article IV Consultation--Press Release; Staff Report
Author:
International Monetary Fund. European Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2016: Issue 077
Language:
English
Publication Date:
07 Mar 2016
DOI:
https://doi.org/10.5089/9781513547480.002
ISBN:
9781513547480
ISSN:
1934-7685
Pages:
60
Keywords:
ISCR; CR; government; reform; labor tax wedge; labor market fragmentation; reform progress; money market rate; terrorist financing risk; Labor markets; Employment; Wages; Global
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This paper discusses economic development and policies of Belgium. The new government has taken important steps to support job creation and address the cost of aging—notably through wage moderation, pension reform, and a tax shift. But growth prospects remain mediocre, public debt very high, and the labor market severely fragmented. The central task is to achieve a lasting reduction in public debt while nurturing the recovery and social cohesion. The government’s goal of achieving structural fiscal balance by 2018 is laudable but ambitious—with almost two percent of GDP of measures yet to be identified. Tapping Belgium’s full labor market potential requires a comprehensive and inclusive jobs strategy.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund