Key View

• We at Fitch Solutions continue to forecast a robust economic recovery in Belgium in 2021, with our real GDP growth forecast at 4.4% after an expected 9.1% contraction in 2020.
• The country appears to have a second wave of Covid-19 infections under better control than regional peers, and with consumer and business confidence rising

Key View

• At Fitch Solutions, we have made significant revisions to our 2020 real GDP growth forecast for Luxembourg, from 2.3% to -4.0%. Our 2021 forecast was revised upward from 1.5% to 1.7%.
• We expect global risk-off sentiment induced by the Covid-19 outbreak to have a severe negative impact on the country's financial sector, while also