Belgian economy expected to grow by 1.1% in 2020, says research institute
Thursday, 03 October 2019
Belgian economy growth should be limited to 1.2% in 2019 and to 1.1% in 2020, the Institute of Economic and Social Research (IRES) of UCLouvain reported on Thursday based on its economic prospects.
Despite the strong creation of jobs and a weakening of inflation, the Belgian economy is still growing slowly, IRES noted.
“The growth of the global economy is declining, that of the eurozone is not doing well, and the outlook is clouded by the Brexit and the trade dispute between China and the United States. Consumer confidence in Belgian companies has also deteriorated sharply since the beginning of the year.”
The institute also projected an increase in employment of 60,700 units in net terms in 2019 and 37,300 units in 2020, while the number of job seekers would decrease by 23,400 units in 2019 and 14,000 units in 2020.
General consumer prices should rise by 1.6% in 2019 and 1.5% in 2020.
The governmental budget deficit should increase by 1.3% of GDP in 2019 and 1.7% in 2020.