October 23, 2020

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The Belgian planning agency sees the economy less bleak and sees a slowdown in growth in 2021 | NOW

The Belgian planning agency sees the economy less bleak and sees a slowdown in growth in 2021 | NOW

The Federal Planning Office for Belgium (FPB) has adjusted its forecast for the economic decline this year. The FBV is now assuming a negative annual growth of 7.4 percent for 2020 instead of the previously announced 10.6 percent, reported the Belgian counterpart of the Central Planning Bureau on Thursday.

The FPB points to the economic damage caused by the corona crisis in other parts of Europe, which, according to the planning office, turned out to be “less extensive than estimated”. This is reflected in expectations for the Belgian economy, which are now slightly less negative.

Even so, the rise in the number of corona infections is inhibiting, so the recovery in 2021 will be slower than expected. The FPB expects growth of 6.5 percent for the next year compared to 8.2 percent previously.