Belgium ‘socioeconomically inadequate,’ says new report
Saturday, 26 October 2019
According to a recent report by Belgium’s Central Economic Council (CEC), “Belgium is socio-economically ill-adapted in the long term, and there is an urgency to act.”
The CEC represents both employers and unions.“Given the state of our economy and of our public finances, the viability of our social system, the ecological and digital transition, innovation, and so on, it is urgent to act,” CEC Secretary General Luc Denayer explains.
With a current Belgian debt ratio at 102% of GDP, public spending at 50% of GDP and a budget deficit that has been growing since the beginning of the year, little room is left to invest in the future, reports La Libre.
“We are not going to lie. We know that resources are limited, which is why it is urgent to develop a clear vision that will put an end to the uncertainty that plagues our society,” Denayer declares.
On behalf of both management and unions, he wants European authorities to grant greater budget flexibility.
The CEC report will be presented shortly to the Belgian government.