👉Belgium Economy Report : A Rich & Divided Country .
The economy of Belgium is a modern, capitalist economy that has capitalized on the country’s central geographic location, highly developed transport network, and diversified industrial and commercial base.
Belgium lies between the French, Germans, Dutch and British and trades with all of Europe. The workers are skilled. Education and health care are good with extremely good social security. And a guaranteed virtually free top-class medical care, and large unemployment benefits and an insured income in case of sick leave.
Belgium ranks around position 20 in the richest countries list.
According to a 2018 survey, Belgians had an estimated 262 billion euros on saving accounts.
Belgium is the home of the Antwerp harbor, the second largest in Europe, the Antwerp diamond industry, and Brussels, the capital of Europe.
From 1908 until 1962, Belgium occupied (and plundered) the Congo, a country the size of Western Europe, rich in natural resources. It made Belgium the second richest country in the world in that era.
But also :
In Belgium, taxes are high; some people pay up to 50% of their salary.
People try to work around the previous point by not declaring all of their income, so they don’t show off in order not to look suspicious.
Every Belgian is born with a brick in his stomach: they spend a lot of money on the houses, which are mostly larger than their foreign counterparts. For example, a normal Belgian house is considered a mansion by Spanish standards.
Belgium depends on imported energy, which has become very expensive over the last 20 years.
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Belgium, or at least what is now called Belgium, was a traditional economically strong area already during the middle ages.
Also, during the 19th century, Belgium was a world economic superpower. They lost quite some position in the meantime, but they still have two world-class seaports (Antwerp and Zeebrugge), solid petrochemical industry, and a highly developed services sector; besides the presence of NATO HQ and EU institutions.
Belgium was the first country in continental Europe to experience the Industrial Revolution and was the most intensively industrialized country in the world throughout most of the period. Belgian industrialized rapidly over the 19th century, with a focus on iron, coal, and textile production. By 1914, Belgium had extensive rail networks, mines and factories, and a productive export sector.
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