Fitch Ratings has reaffirmed Belgium's Long-Term Issuer Default Rating at A+ with a stable outlook, highlighting the country's diversified economy and membership in the eurozone. Despite these strengths, Belgium faces significant challenges, including a fiscal deficit projected to reach 5.2% of GDP in 2025, the largest in the eurozone and double the A peer median. This widening deficit is attributed to declining corporate tax revenues and increased defense and social spending. The country's debt-to-GDP ratio, which stood at 107.9% in 2025, is expected to exceed 115% by 2030 unless substantial fiscal reforms are implemented. Fitch forecasts that real GDP growth will decelerate to 0.8% in 2026 due to rising energy prices stemming from the Iran war, which is negatively impacting private consumption and corporate investment. Additionally, inflation rose to 4.3% in April, driven by steep energy price hikes. The government is also investigating a takeover of its nuclear power fleet from the French utility company Engie while progressing on structural reforms related to labor and pensions, although the economic impacts of these changes may take time to materialize.