"Austerity policies to trigger 47,000 job losses"

If the new federal government wants to reach a balanced budget by 2016, the cuts needed to achieve this will have a serious impact on the job market. The federal Planning Office has calculated that 47,000 jobs will not be created as a result, De Standaard reports.

The Planning Office calculated the short-term impact on the Belgian economy, if the Belgian government wants to wipe out the budget deficit following the time frame proposed in the European Stability Pact.

The Planning Office estimated that 99,200 new jobs would be created between now and 2017 if no new austerity measures are being introduced. This number will be reduced by almost 50 percent to just over 50,000 if the new efforts to save money are being implemented.

The report is bad news for the federal negotiators for a Swedish coalition. The parties taking part in this right-wing government promised tens of thousands of extra jobs on top of the expected growth on the job market before the elections. (top photo: the formateurs who are paving the way for a new federal government: Charles Michel and Kris Peeters).