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    Fitch downgrades economic outlook for Belgium

    The financial rating agency Fitch has lowered the economic outlook for Belgium.

    Fitch maintains the ‘AA-‘ rating for the country, but the outlook changes from stable to negative.

    The decision reflects the “substantial deterioration” of Belgium’s public finances as a result of the coronavirus crisis, and its impact on the economy.

    According to Fitch, it is very likely that Belgium will emerge from the crisis with many additional debts.

    The country’s debt ratio is predicted to reach 108% of GDP this year, up from 100% the previous year.

    The Brussels Times