Economic news and analysis

The labour market in our country has been cooling for some time. Nevertheless, the De Wever government wants to get more people into work. The fact that more inactive people are looking for work and are also finding jobs is an encouraging sign. 

Black Friday continues to reshape shopping behaviour. Online spending surged sharply, while physical shops showed more modest gains. Using anonymised transaction data, we examine how e-commerce, search engines and emerging AI tools influence consumer choices during the peak shopping period. 

The most recent figures confirm our view from last month: Belgian economic growth continues. However, we are seeing increasing downside risks, particularly among businesses. For the year to come, we are forecasting annual growth of 1.1%.

The United States Supreme Court is currently examining whether President Trump’s emergency powers were used legally to impose import tariffs. The outcome could reshape global trade, create major budget consequences and force Washington to seek new tariff revenue, ensuring that uncertainty will persist regardless of the ruling.

If there is one country whose public debt story deserves our attention at the end of 2025, it is Japan. Despite its astronomical size, Japanese debt usually attracts little interest. This situation has persisted for so long that the recent turbulence has taken many by surprise.

Are new investment opportunities still possible in the face of rising trade tensions? How will the Belgian, European and global economies develop? What challenges and opportunities lie ahead for Belgian companies? And what about the stock market?