The National Bank of Belgium’s annual report describes the economic, financial, and monetary developments of the past year in Belgium and abroad.

After the shocks caused by the COVID-19 pandemic in 2020-21 and Russia’s invasion of Ukraine in 2022, 2023 was a year of economic normalisation. The disruptions to international supply chains ended and energy prices came down, causing inflation to fall rapidly. Contrary to forecasts at the start of the year, the global economy proved surprisingly resilient against a backdrop of tighter monetary policy in advanced economies. This was also the case for Belgium, where unexpectedly dynamic economic activity continued to shore up the employment market.  

The presentation will cover the following topical issues in particular:

• Is the inflationary surge seen in 2021-2022 finally behind us?
• Is there a risk of a wage-price spiral in Belgium? 
• How can we explain the resilience of the Belgian economy compared with that of neighbouring countries?
• What are the consequences of the sharp rise in interest rates for households, businesses and public authorities?
• Are Belgium and the EU on the right track when it comes to climate neutrality? What approaches are other major economic blocs taking?
• Is the revival of industrial policy at global level a good thing?

The presentation will be given alternately in Dutch and French. 

The presentation will be followed by a reception.