June 21, 2024

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Nowhere in the EU is the national debt in danger of rising as rapidly as in Belgium: ‘hard restructuring is necessary’

Nowhere in the EU is the national debt in danger of rising as rapidly as in Belgium: ‘hard restructuring is necessary’

How do we get Belgian public finances back on track? We hope that this issue will be addressed during the campaign for the 2024 elections, because a report from the KBC Study Service confirms that Belgium will hit a wall if politics remain unchanged.

Why is this important?

Belgium’s national debt is close to 600 billion euros, and the debt ratio is expected to reach 106% of GDP this year, one of the highest figures in Europe. But what is more worrying is that without intervention, Belgium will become the EU country with the strongest increase in the debt ratio between 2022 and 2028, warns KBC economist Johan van Gompel.

In the news: Another warning about weak government finances. The KBC Study Service has calculated on the basis of IMF data that nowhere in the European Union will the debt ratio rise as quickly as in Belgium. If policy remains unchanged, Belgium is heading towards a debt ratio of nearly 120% of GDP in 2028, while the EU average is just heading down to more than 80%.

to explain: Appearances are deceiving. After peaking in 2020, the Belgian debt ratio decreased in 2021 and 2022,

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