IMD World Competitiveness Booklet 2023

Competitiveness Trends – Overall Belgium

OVERALL PERFORMANCE (64 countries)

BASIC FACTS

Rank

2019

2020

2021

2022

2023

Capital Land area (square km '000)

Brussels

31 2022

13

0,950 2022

Exchange rate (per $)

21

11,64 2022 32 581,8 2022 24 62.142 2022 17 3,1 2022 40 10,33 2022 45 5,60 2022 38 5,63 2022 33 -3,37 2022 43 604,6 2021 15 4,05 2021 20

24

25

Population - market size (millions)

27

Gross Domestic Product (GDP) (US$ billions)

CHALLENGES IN 2023

GDP (PPP) per capita (US$)

• Absorb inflation impacts and avoid a price-wage spiral. The correct application of the competitiveness law that restricts real wage rises is crucial. • Continue efforts to reduce the tax wedge. • Address labor market shortages by promoting lifelong learning and better guidance towards STEM/technical jobs. • Increase investments in infrastructure and green and digital technologies. • Improve unsustainable government finances by lowering expenditure and activating the large share of people on long-term paid sick leave.

Real GDP growth (%)

Consumer price inflation (%)

Unemployment rate (%)

Labor force (millions)

Current account balance (% of GDP)

Direct investment stocks inward ($bn)

Direct investment flows inward (% of GDP)

PROVIDED BY: FEB - Federation of Enterprises in Belgium, Brussels

COMPETITIVENESS LANDSCAPE

Economic Performance Government Efficiency

Business Efficiency

Infrastructure

Domestic Economy

International Trade

International Investment Employment Prices

Public Finance Tax Policy

8 10 8 5 Institutional Framework Business Legislation

Societal Framework

Productivity & Efficiency Labor Market Finance

Management Practices Attitudes & Values

Basic Infrastructure

Technological Infrastructure Scientific Infrastructure

Health & Environment Education

3

7 7

7 2

13 14 18

15

15

29

30

39 42 35

59

PEER GROUPS RANKINGS

EUROPE - MIDDLE EAST - AFRICA (41 countries)

POPULATIONS < 20 MILLION (37 countries)

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

9

11

14

15

15

16

16

16

17

17

60 Competitiveness Country Profiles