OECD Economic Outlook, Volume 2020 Issue 2
The COVID-19 pandemic will cast a long shadow over the world’s economies and the economic outlook is very uncertain. This issue of the OECD Economic Outlook analyses the impacts of COVID-19 on the economy and puts forward projections for output, employment, prices, fiscal and current account balances.
This issue includes a general assessment of the macroeconomic situation, a series of notes on the current policy challenges related to the COVID-19 pandemic and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.
Belgium
Strongly hit by the COVID-19 crisis, GDP is set to contract by 7.5% in 2020 and recover slowly thereafter. The economy is currently affected by strict containment measures adopted in late 2020. While easing from current levels, such measures are expected to continue to fight sporadic virus outbreaks until a vaccine is rolled out. They will weigh on household consumption, with precautionary saving remaining high in the coming two years. Weak and uncertain growth prospects as well as squeezed profit margins are set to constrain business investment.
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