The economy, driven by a strong service sector, offers a Gross Domestic Product of €507.2 billion, 25th globally in 2021. Belgium’s GDP ranks 11th among EU nations and is predicted by the World Bank to reach USD 610 billion by the end of 2022. Belgium is a wealthy nation whose world ranking jumps to 18th with a per capita GDP of USD 50,413.
According to the Directorate-General for Economic and Financial Affairs of the European Commission, Economic growth in Belgium is expected to reach 2.8% in 2022, 0.2% in 2023 and 1.5% in 2024. Following the substantial increases in energy prices, high inflation, forecast to reach 10.4% in 2022, 6.2% in 2023 and 3.3% in 2024, is projected to temper the growth of private consumption. The government deficit is projected at 5.2% of GDP in 2022, reflecting the budgetary response to high energy prices. In 2023, the worsening of macroeconomic conditions is projected to widen the budget deficit to 5.8%.
But each market brings in new challenges. These can be worked through efficiently and cost-effectively with the support of an international Professional Employer Organisation (PEO) such as Bradford Jacobs, primarily through our Employer of Record (EOR) framework. This can be best utilised when businesses are just beginning their expansion process and require more information before incorporating an entity and fully establishing themselves in that market.