Belgium Economic Forecast

Interestingly, the country of Belgium was one of the original countries to join others in the forming of the European Union. Today, the economy of Belgium is defined by its high GNP but also strong workforce. One advantage this country has to many others is its central location, which allowed the country to be the first to go through an industrial revolution and capitalize on the region within Europe where it resides. However, one of the greatest economic challenges of Belgium is that raw materials are scarce.

Interestingly, the country of Belgium was one of the original countries to join others in the forming of the European Union. Today, the economy of Belgium is defined by its high GNP but also strong workforce. One advantage this country has to many others is its central location, which allowed the country to be the first to go through an industrial revolution and capitalize on the region within Europe where it resides. However, one of the greatest economic challenges of Belgium is that raw materials are scarce. Because of this, the country has relied primarily on imports from foreign countries. Then, in 2009 Belgium’s account deficit reached 4% after experiencing a recession. With this, the economy became vulnerable. Recently, the country saw some struggles with the economy because of the aging population. Additionally, officials realize this coupled with an increase in social expenses that something must be done to create a more stable economy.

Belgium GDP Forecast

An area in which Belgium definitely needs resolution is with the Gross Domestic Product or GDP. Currently, almost 100% of this is going to public debt. Even with the challenges that Belgium has faced from an economic standpoint, as far as the GDP for Purchasing Power Parity (PPP), it has actually done well. On a positive note, with the country’s key location, the transport network is sophisticated. Additionally, both the commercial and industrial base is diversified. While the majority of raw materials are imported, export trade is strong with a large number of manufacturers. Approximately 75% of the country’s trade for import and export with other states in the European Union with 80% of the Gross Domestic Product being connected to government or public trade. The Belgium GDP (Gross Domestic Product, Current Prices, US Dollar) for 2009, numbers ended up at $470.4 billion, putting the country in the number 20 position for world ranking. From 2008, a 7.09% decline occurred. However, forecasters expect for 2010, the GDP will see a slight increase, ending at $471.77 billion and by the end of 2015, the GDP is expected to reach $543.85 billion.

Belgium Unemployment Forecast

Today, the Belgium population is just under 11 million. In the beginning of 2002, the country experienced a drop in economic growth, as well as Foreign Direct Investment. Unfortunately, the biggest negative growth was in 2009 during the world financial crisis, leading to the budget deficit being impacted but also unemployment increasing. The latest reports show that the Belgium unemployment rate is at 7.95%.

Belgium Inflation Rate Forecast

For the Belgium inflation rate, at the end of 2009 the average consumer price change was negative 0.213%. With this, the country was ranked worldwide at number 159. From 2008, this change was a staggering 104.75% decline. When looking at the future for Belgium’s inflation rate, experts believe that numbers for the end of 2010 will decline a whopping 829.58%, ending at 1.55%. Then, if forecasters are correct, the year 2015 will have an inflation rate of 1.699%.

Belgium Current Account Balance Forecast

At the close of 2009, the Belgium Current Account Balance was a negative $1.254 billion in US dollars, putting the country at number 127 for world rankings, a decrease of 90.25% from 2008. Professional forecasters believe that the year 2010 will close out with an increase of 78.39%, putting the numbers at a negative $2.24 billion US dollars. However, by 2015, the Current Account Balance forecast is a positive $11,834 billion, again quoted as United States dollars.