Belgium's General Government Debt (% of GDP), 1990-2022

Belgium’s general government debt-to-GDP ratio exhibited significant shifts over the observed period, reflecting the country’s fiscal policies and economic conditions. In the early 1990s, debt levels were notably high, peaking at 138.93% in 1993. This was primarily due to high public spending in the 1980s and early 1990s, coupled with slower economic growth. However, a series of fiscal reforms and economic recovery efforts in the mid-1990s led to a steady decline, with debt falling to 109.59% by 2000. This period was marked by Belgium’s commitment to meeting the Maastricht Treaty criteria for joining the Eurozone, necessitating strict fiscal discipline.

From 2000 to 2007, the downward trend continued, with debt reaching a low of 87.32% in 2007, supported by sustained economic growth and reduced deficits. However, the global financial crisis of 2008 reversed this trajectory, with debt surging to 100.22% in 2009 as the government implemented stimulus measures to stabilize the economy. The subsequent European debt crisis further contributed to elevated debt levels, peaking at 107.04% in 2014.

In recent years, Belgium managed to reduce its debt burden, with levels declining to 97.62% in 2019, reflecting improved fiscal management. However, the COVID-19 pandemic caused a sharp increase, with debt reaching 112.04% in 2020 due to emergency spending and reduced GDP. By 2022, debt levels moderated to 105.27%, as the economy recovered and fiscal consolidation efforts resumed. These trends highlight Belgium's resilience and ongoing efforts to balance fiscal responsibility with economic growth.