We forecast the Belgian economy will expand by 1.1% this year and 1.6% next. Trade uncertainty will make businesses reluctant to invest. Not only will tariffs lower Belgium's direct exports to the US by making them more expensive, they will also affect demand for Belgian-produced inputs for other countries' US-bound exports. We expect inflation will average 2.1% in 2025 and 1.4% in 2026, with tariffs helping the disinflationary process due to the hit to demand and energy prices.
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