Public debt cracks again the 500 billion mark for the first time
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The corona crisis caused the budget deficit and the debt ratio to rise sharply. According to a report in the De Tijd newspaper, the latter is now around 115% of gross domestic product – the highest level since 1999.
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According to the National Bank, the Belgian national debt rose by 32 billion to 524 billion euros in the second quarter. This was the first time that the 500 billion mark was exceeded. The severe recession and the measures taken by governments to support the economy have increased the budget deficit.
