One of world's most efficient producers of metal products and textiles. Flanders is a world leader in new high-tech industries. Successful chemicals industry. Highly educated and motivated multilingual work force: estimates suggest productivity is 20% above that of Germany. Location makes Belgium an attractive location for US multinationals. Good sea outlets and access to Rhine inland waterway from Antwerp and Ghent.
Weaknesses
Highest public debt in the EU at 122% of GDP; costs 10% of public income per year to service. Rising unemployment. Large numbers of workers retire early, resulting in high state pension bill. Larger bureaucracy than European average.
Profile
The Belgian economy went into recession with the rest of Europe in the early 1990s. Falling tax revenues coincided with rising unemployment, particularly in Wallonia, and a larger social security bill. In 1993, the Dehaene government introduced a scheme that encouraged work-sharing as a way of combating unemployment. Belgium aims to meet the criteria for European Monetary Union (EMU) by 1996.
