Jan Smets is certain, “Belgium will return to a growth rate of 2 to 2.5%”

Jan Smets is certain, “Belgium will return to a growth rate of 2 to 2.5%”
Jan Smets believes that appropriate reforms and economic policies will lead to a growth rate of 2% to 2.5% being achieved.© Belga

The Governor of the National Bank of Belgium (the “BNB”), Jan Smets, considers that the Belgian economy is now on the right road. He said this in an interview with La Libre Belgique published on Saturday.

The Governor considers, “Belgium’s recovery partly reflects the recovery with the eurozone. Certainly, this is not spectacular,” being around 1.5%.

He does, however, think that a return to growth levels of 2 to 2.5%, “levels which Belgium was used to in the distant past,” is possible.

Smets, an economist by profession, recommends, “However, to achieve that, structural reforms are necessary.”

He calls for a policy of fiscal consolidation to be pursued, as well as “improving the operation of the employment market, generating a climate which is more conducive to investment.”

He goes on, “There should be the appropriate regulation and tax regime in place. The accent should be around innovation and research and development.”

Jan Smets succeeded Luc Coene (formerly an Open VLD senator and holder of a number of government roles). Smet is due to be succeeeded in 2019, when he will be 68, by Pierre Wunsch (MR).

The Brussels Times

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