OECD Economic Outlook, Volume 2020 Issue 1
The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances.
Coverage is provided for all OECD member countries as well as for selected non-member countries. This issue includes a general assessment of the macroeconomic situation, a series of notes on the macroeconomic and structural policy issues related to the COVID-19 outbreak and a chapter summarising developments and providing projections for each individual country.
Belgium
In case of a second pandemic wave later this year (the double-hit scenario), the contraction of GDP in 2020 is set to reach about 11%, but close to 9% if there is no further outbreak (the single‑hit scenario). In both cases, GDP is projected to remain well below the pre-crisis level in end‑2021. The recovery will be much weaker in the double-hit scenario due to larger permanent income and employment losses, as well as much weaker financial position of businesses, weighing further on consumption and investment.