Belgian labor market shrinks for first time since 2020: “No improvement expected in the short term”

An additional problem is that other sectors, especially the services sector, are drawn into this downward spiral. “Think about maintenance, logistics and transport, administration… The business is the engine of jobs as they are called,” said Vanden Houte. Due to the problems in the industry, jobs are now disappearing in other places as well.

In addition, the construction sector is also not having an easy time. “The number of mortgage applications last year was the lowest in 20 years,” Vanden Houte explains. It is hoped that the market will find a second wind from 2025 now that the ECB (Central Bank of Europe) lowers interest rates”.

Will the work engine start again soon? Vanden Houte is not afraid, at least in the short term. “The sectors in which jobs have been created in the last few years, such as health care, education and administration, are very dependent on government investments. But with the savings plans that are now on the table during the federal negotiations, there will not be progress quickly. “to expect.”