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Working Paper 08-11 - What has been the damage of the financial crisis to Belgian GDP? An assessment based on the FPB’s medium-term outlook

Author

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  • Igor Lebrun

Abstract

A consensus quickly emerged among national and international organizations, based on past experiences, that the financial crisis that erupted in 2008 would have a long-lasting impact on the level of output. An initial quantification of the potential output loss imputable to the crisis for Belgium was presented in WP 10-09. This Working Paper provides an update of this analysis and examines through the successive revisions of projections made by the Federal Planning Bureau how the perception of the crisis has evolved over the last two years and what its implications are for the medium run. The shortfall in potential output is now estimated to be less than 3 %, close to the area-wide loss estimated for the OECD-countries.

Suggested Citation

  • Igor Lebrun, 2011. "Working Paper 08-11 - What has been the damage of the financial crisis to Belgian GDP? An assessment based on the FPB’s medium-term outlook," Working Papers 201108, Federal Planning Bureau, Belgium.
    • Handle: RePEc:fpb:wpaper:201108
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    More about this item

    Keywords

    Potential output; Financial crisis;

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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