KBC (a Belgian bank and insurance company) expects GDP growth of 1.3% in Belgium this year, revealed their economic outlook report for the first semester of 2016, published on Thursday. They announce faster GDP growth, estimated at 1.6% and 1.7%, in 2016 and 2017.
Belgian GDP growth will remain below the euro-zone average for 2015 as well as for the following two years. Belgium is still doing better than France but not as well as its German and Dutch neighbours.
As for the international outlook, KBC’s report notes that emerging countries “are a burden for growth” although they are not experiencing a downturn. Growth will continue and indeed get stronger in the United States and in the euro-zone.
The lifeblood of European and American economies is consumption. “The euro-zone will benefit from mildly stimulative budget policies in 2016 combined with a slow re-start to credit cycles, with the positive impact of reforms implemented, and with a flexible monetary policy,” adds KBC.