Belgium’s Economic Woes Deepen as Public Debt Soars, Fueled by Drug Trafficking
Brussels - Belgium is facing a deepening economic crisis marked by an escalating public debt, a stalled budget, and potential cuts to social programs in 2026. Once a frontrunner in the push for the euro in 1995, alongside economic powerhouses Germany, France, and Italy - while the UK opted out – Belgium now finds itself grappling with financial instability.
Thirty years ago, Belgium and the Netherlands were considered economic models, contrasting sharply with Southern European nations like Portugal and Greece, the latter of which would later be embroiled in a scandal involving manipulated public accounts aided by international banks. Today, the situation is reversed.Southern European economies are experiencing growth, while the Netherlands contends with political turmoil leading to snap elections, and Belgium’s public debt is rapidly increasing.
Currently at 107% of GDP, analysts predict Belgium’s debt will climb to 120% by the end of the decade. A meaningful contributing factor to this crisis is the pervasive influence of drug trafficking,which has infiltrated the nation’s economy and institutions.
(Full story available to subscribers at https://leitor.jornaleconomico.pt/noticia/belgica-da-euforia-do-euro-a-queda-as-maos-do-narcotrafico. Published in the November 14th edition of the Economic Newspaper.)
