If no action is taken, the Belgian budget deficit could reach more than 46 billion euros by 2029. That is 2 billion euros more than predicted last spring, a report from Belgium’s Monitoring Committee says.
By 2029, Belgium's budget deficit could rise from 4.4% of national output to 6.2%.
A substantial increase, agrees political journalist Johny Vansevenant. "The Belgian deficit now stands at 26 billion euros. In five years it will increase to more than 46 billion euros. An additional shortfall of 20 billion euros, and 2 billion euros more than the Monitoring Committee, which keeps tabs on these figures, had estimated last spring. These are alarming figures for formateur Bart De Wever, the Flemish nationalist leader, who is leading talks on the formation of the next Belgian federal government."
According to Johny Vansevenant, it is mainly the costs linked to an aging population that are pushing the deficit sky high. "Earlier, the Monitoring Committee announced that Belgium’s various governments need to find 27.6 billion to meet European targets. It’s going to be a titanic task for the new government."