Belgian economy needs €37.5 billion shock injection, says PS
Share article:
Share article:

Belgian economy needs €37.5 billion shock injection, says PS

© Belga

Belgium’s economy needs a €37.5 billion shock injection to restart after the lockdown prompted by the new coronavirus (Covid-19), according to Paul Magnette, the president of the Walloon socialist party (PS).

In an interview published in Saturday’s issue of Le Soir, Magnette laid out a series of measures to help the hospitality sector, hospitals and the culture industry, and also to shore up households’ buying power.

He said he had held “broad consultations” with representatives of the sectors concerned as well as economists, “not necessarily socialist ones,” in Belgium. Drawing inspiration from the works of University of Ghent economist Gert Peersman, he argues that “pumping in money today enables you to protect tomorrow’s fiscal income by saving businesses and jobs.”

The “shock injection” proposed by Magnette includes the some €10 billion already spent by Belgium, and a further €12 billion to extend the system of temporary unemployment and support for independent businesses, bringing the total to €22 billion.

The PS then wants an additional infusion of a little over €15 billion to complete the proposed package of €37.59 billion, the “amount necessary to produce a shock injection.”

The Brussels Times

Latest news

Aggression against railway staff more than doubled since 2020
In the first three quarters of 2021, the number of reports of aggression against national railway company SNCB's staff has more than doubled compared ...
Intervention hotline 1722 activated following bad weather warnings
Following bad weather warnings from Belgium's Royal Meteorological Institute of Belgium (RMI), the Federal Public Service (FPS) Home Affairs has ...
Thousands march in Brussels to raise awareness of violence against women
More than 3,000 people took to the streets of Brussels on Sunday afternoon for a national march to raise awareness of violence against women in ...
Efficacy of vaccines against new variant known in a few weeks, virologist says
The efficacy of the current coronavirus vaccines against the new Omicron variant will be clear in one to two weeks, Belgian virologist Marc Van Ranst ...
Scientists could have communicated better during pandemic, survey shows
The majority of Flemish people continue to trust scientists, however, only half of them feel scientists communicated understandably during the ...
Closing borders and new travel restrictions: Countries react to Omicron variant
As more cases of the new Omicron variant of the coronavirus are being reported across the world, more and more countries are imposing tougher travel ...
Several rush hour train services to be scrapped from Monday
Up to ten peak time trains to and from Brussels will be temporarily cancelled starting from Monday, Belgian railway company SNCB announced this ...
Europe’s largest vintage clothes store is in Ghent this weekend
Europe's largest pop-up store for second-hand clothes is once again setting up shop in Ghent on Sunday, offering more than five tonnes of vintage ...
Animal welfare in EU’s pig meat sector: What’s wrong?
EU has put into place legislation to ensure that animal welfare conditions are respected in its agricultural policy but the breaches of its ...
‘Not feasible’: Doctors refuse to follow new testing strategy
Doctors have warned they will not follow the government's adapted testing strategy which would see vaccinated people who were in close contact with a ...
Flanders introduces ‘invisible’ speed cameras
New digital speed cameras that are essentially invisible to the road user are being introduced on various roads and motorways in Flanders, Flemish ...
Warnings issued for slippery roads across Belgium
Drivers have been asked to watch out for slippery roads from Saturday afternoon until Sunday evening, as snow and cold temperatures are expected ...