Belgium's Overall Balance (% of GDP): Net Lending/Borrowing Trends and Forecasts (1990-2029)

Belgium's fiscal performance has been marked by periods of recovery and renewed strain. High deficits in the 1990s (-8.4% in 1992) improved with fiscal consolidation efforts in the early 2000s. However, the global financial crisis and Eurozone debt crisis led to renewed deficits, peaking at -8.9% in 2020 during the pandemic.

While fiscal recovery is underway, deficits are projected to remain around -5.6% by 2029, reflecting structural fiscal challenges. Continued efforts toward economic reforms and expenditure rationalization are essential to ensure long-term fiscal sustainability.