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Government support staved off thousands of bankruptcies

Research undertaken by the office of Flemish economy minister Hilde Crevits (Christian democrat) shows that the Belgian economy only shrank 6% at the height of the pandemic.  190,000 businesses received two billion euros in extra support and it’s thanks to this support that economic disaster could be averted.

Without the two billion the economy would have shrunk by twice as much triggering a spate of bankruptcies.  Hospitality, the travel business, retail and wholesale could all apply for support to compensate for loss of turnover.

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