Coronavirus: 100,000 jobs lost in Belgium by autumn 2021

In 2020, Belgian GDP is in fact expected to fall by 6.7%, an unprecedented drop since the Second World War, the two confinements decided to slow the progression of the virus having partially paralyzed the economy of the Flat Country.

Lhe coronavirus crisis is likely to cause the loss of 100,000 jobs in Belgium between the start of 2020 and the fall of 2021, according to the latest economic forecasts from the National Bank of Belgium (BNB) published on Monday.

“One hundred thousand jobs lost, it is serious but it remains very limited compared to the scale of the fall of the gross domestic product”, commented the governor of the National Bank of Belgium, Pierre Wunsch. In 2020, Belgian GDP is in fact expected to fall by 6.7%, an unprecedented drop since the Second World War, the two confinements decided to slow the progression of the virus having partially paralyzed the economy of the Flat Country.

However, the governor underlines the effectiveness of the “very good” economic, monetary and prudential measures taken by the various Belgian and European authorities in the face of the health crisis and which made it possible to cushion the shock. “Without all these measures, we had an appointment with a crisis that would have resembled the 1930s. Ultimately, the current crisis will not be worse than certain strong recessions such as the oil crisis or the financial crisis of 2008-2009”, estimates the governor.

However, the BNB does not hide the fact that due to the vast support measures adopted recently, part of the Belgian economy is “in a state of artificial coma”. The great uncertainty remains on what we will find, in the long term, when we “open the lid of the pan”, that is to say when the support measures will be phased out.

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