The Belgian economy has been resilient through turbulence but remains scarred with large structural fiscal deficits, elevated and rising public debt, and a weak external position. In an increasingly uncertain global environment, economic and financial policy should prioritize lowering vulnerabilities associated with the high debt level and external imbalances, restoring buffers to be able to address future shocks, creating space for rising spending pressures related to aging, the green transition and defense, bolstering financial sector resilience, and fostering higher growth—all of which will help preserve the core of Belgium’s social model. [...]