Belgium: Staff Report for the 2002 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2003 Issue 049

Publication date: March 2003

ISBN: 9781451803129

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Labor , Economics- Macroeconomics , Public Finance , Demography , 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

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Summary

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.