Belgium has a very developed
economy and the country is at 25th rank in the world by its
Gross Domestic Product or GDP. When talking about the PPT
or Purchasing Power Parity Belgium has captured 37th
place for quite a long time. Belgium has a free market
economy which is based on both the industrial as
well as service sector. The GDP of the country heavily depends
upon exports and most of the industries and economic sectors manufacture products
especially for exporting purpose. That’s the reason why two-thirds of the
GNP of Belgium depends on the exports. Belgium has a very well developed and
modern transportation infrastructure of railways, canals, ports and highways and
the country is well connected to the world. Belgium has a good amount
of natural resource deposits; it includes
silica sands, carbonates, limestone, diamond, zinc, lead, iron,
black marble, silica, coal, fir trees, etc. Most of the carbonates of
the country are used for the manufacturing of drinks, producing
cement and in making glass. Belgium also exports some of
its carbonates to Tanzania. Belgium is also very rich in
coal deposits and it was one of the major coal producers in the
early 19th and 20th century. Belgium has a very strong trade network. It is the 6th largest exporting country
among the 28 members of the European Union. Major exports of Belgium include
diamonds, heavy machinery and equipment, chemicals, metal and
metal products and food products. The country imports raw
material, raw diamonds, machinery and agricultural
products from its neighbors. Basic figures Belgium is an independent
country which is listed among the high incomes
countries of Europe. Its nominal GDP is 49,268.13 crore USD. It is placed at 25th rank by its economy. The GDP per capita of
Belgium is 46,316 USD with a GDP growth rate of
1.6 percent per annum. The country’s economy
mostly depends on services. Agricultural products are
not a major contributor to the Belgium GDP and it
accounts for only 0.8 percent. The service sectors, on the other hand,
contribute a total of 78.1 percent. Belgium industries and exports
account for 21.1 percent to the GDP. The main industries of Belgium
include steel, textile, glass, paper, metallurgy,
chemicals and food processing. The country is one of the
world’s major processor of copper, zinc, lead,
radium and cobalt. A chronological view of Belgium Economy Belgium has a very long economic history. Belgium becomes independent
from the Netherlands in 1831. In 1850 the National Bank
of Belgium was founded. The country lost around
20 percent of its wealth when it was attacked by
Germany in the World War 1. It was again invaded by Germany
in the Second World War. This really affected the country’s growth. It then joined NATO in 1949. Then it joined the European Coal and
Steel Community in the year 1952. Belgium was also hit
by the financial crisis but it withstood its
effects very cleverly. Now the country is regarded as one of the
best places for investment and business.

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3 thoughts on “Inside Economy of Belgium Crash Course”

  1. Belgium is only rich because they plundered Congo of its resources, and they forced 3-10 million Congolese into brutal slavery. In exchange Belgium just gave Congo roads, while killing millions of Congolese women and children, and making Congo poor, and making themselves stinking rich.

    But that's what European colonisers do. Wherever they go, they make things worse. Like in India where the British caused a massive famine, or when they placed corrupt leaders in Kashmir. Or how about when the Spanish wiped out the Aztecs and the Mayans? And they literally forced the remaining Aztecs to become slaves and build a European-style city over the ruins of great Tenochtitlan. Or how about when the British killed 135 million Native Americans with disease, war, and famine? How is that civilised?

    Where is the compensation? European colonisers cost non-Europeans trillions of dollars in damage to economy and people. Btw if you're European there's a 1/5 chance your ancestor was an inhumane bastard aka coloniser.

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