Despite this historic quarterly revival, year-on-year growth remains sharply negative (-5.2 %) and there is no sign of a return to pre-COVID-19 economic activity levels.

Belgium’s four-year alternating mandate at the head of our IMF constituency expires at the end of this week. For the last four years, Belgium has chaired a group of 16 countries responsible for the day-to-day administration of the International Monetary Fund. On 31 October, Belgium will hand over this important coordinating role to the Netherlands.

The business barometer is back above the level posted in March. The business climate has firmed up in the manufacturing industry and, very strongly, in the trade sector too. It has effectively stabilised in services and in the building industry.