Belgium prepares austerity measures to close 10 billion euro deficit

Belgium is preparing a strict austerity package to address an additional budget deficit of approximately 10 billion euros, which Prime Minister Bart De Wever stated must be closed by 2029.

De Wever indicated that the federal government expects to finalize these budget cuts in the coming weeks. He noted that the measures will inevitably affect all sectors of society, cautioning against the expectation that the burden of savings will fall solely on others. The Prime Minister highlighted that while discussions often focus on increasing revenue from the wealthiest citizens, the scale of the deficit requires broad measures.

Currently, Belgium's budget deficit stands at 5% of its Gross Domestic Product (GDP), and its public debt ratio has exceeded 100% of the GDP. De Wever also commented on the broader economic challenges facing Europe, suggesting the continent is losing its competitive edge in innovation and productivity to the United States and China.