Belgium

The Kingdom of Belgium (Dutch: Koninkrijk België, French: Royaume de Belgique, German: Königreich Belgien) is a Federal state in a continuous process of devolution. It is a developed country in North-Western Europe that is bordered by the Netherlands, Germany, Luxembourg, France, and the North Sea. Belgium has a population of over ten million people in only thirty thousand square kilometres, making it the 17th most densely populated country in the world. It ranked ninth on the 2005 United Nations Human Development Index.

Economy

Densely populated, Belgium is located at the heart of one of the world's most highly industrialised regions.

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Belgium was the first continental European country to undergo an industrial revolution in the early 1800s. Liège and Charleroi developed a rapidly growing mining and steel-making industry which flourished till the mid-20th century. By the 1840s, however, the textile industry of Flanders was in severe crisis and famine happened in Flanders (1846-1850). After WW II, Ghent and Antwerp exhibited a fast expansion of the chemical and petroleum industry. The 1973 and 1979 oil crises sent the economy into a period of prolonged recession. The Belgian steel industry has since undergone a prolonged and serious crisis. This has been responsible for limiting the economic development of Wallonia.{{ref|state_dpt}} In the 1980s and 1990s, the economic centre of the country continued to shift northwards to Flanders. Now industry is concentrated mainly in the populous Flemish area in the north.

Related Topics:
Industrial revolution - 1800s - Liège - Charleroi - 20th century - 1840s - 1846 - 1850 - WW II - Ghent - Antwerp - Chemical - Petroleum - 1973 - 1979 oil crises - Wallonia - 1980s - 1990s

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In the 1980s, the macroeconomic policies of the successive governments resulted in a cumulative government debt of about 120% of GDP by the end of the 1980s. Now public debt is nearly 100% of GDP.{{ref|state_dpt}} On the positive side, the government has succeeded in balancing its budget. In 2004, the GDP-real growth rate was estimated at 2.7% {{ref|nationalBank}} but is expected to fall to 1.3% in 2005.{{ref|economist}}

Related Topics:
1980s - GDP - 2004 - 2005

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Belgium developed an excellent transportation infrastructure of ports, canals, railways, and highways to integrate its industry with that of its neighbours. Antwerp is the second largest European port.

Related Topics:
Transportation infrastructure - Railways - Antwerp - Port

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One of the founding members of the European Union, Belgium strongly supports deepening the powers of the EU to integrate European economies. Belgium adopted the euro, the single European currency, in January 1999, and the Belgian franc was replaced by the euro in 2002.

Related Topics:
European Union - Euro - 1999 - Franc - 2002

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The economy in Belgium greatly depends on its imports and exports. Its main imports are food products, machinery, rough diamonds, petroleum and petroleum products, chemicals, clothing and accessories, and textiles. Its main exports are automobiles, food and food products, iron and steel, diamonds, textiles, plastics, petroleum products, and nonferrous metals. Trade is made together with Luxembourg, because these two countries created a customs and currency union in 1922. Its main trading partners are Germany, The Netherlands, France, the United Kingdom, Italy, the United States and Spain.

Related Topics:
Diamond - Petroleum - Textile - Automobile - Iron - Steel - Plastics - Luxembourg - Currency - 1922 - Germany - The Netherlands - France - United Kingdom - Italy - United States - Spain

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