IN BRUGES
THE KINGDOM OF BELGIUM HAS PUT THE SWORD TO BUZZWORDS AND HYPERBOLE. WHEN IT TALKS OF DELIVERING A GREEN AND DIGITAL TRANSITION, THERE IS EVIDENCE OF MEANINGFUL INDUSTRIAL CHANGE INCLUDING THE ESTABLISHMENT OF A WORLD-LEADING HYDROGEN PRODUCTION PARTNERSHIP.
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elgium’s Federal Planning Bureau released a statement in September 2021 forecasting a return to pre-coronavirus levels for the economy by the year’s end. Over the course of 2022, quarterly Gross Domestic Product (GDP) growth should gradually normalise, leading to a less pronounced growth of 3.0 per cent, with exports and especially private consumption as the mainstays. Consumer price inflation, according to the Bureau, has been much higher than expected, mainly due to unexpectedly high prices for natural gas and electricity. There is optimism of inflation cooling and energy prices easing. On an annual basis, inflation would be 1.9 per cent in 2021 and 2.1 per cent in 2022, while the health index would increase by 1.6 per cent and 2.1 per cent respectively. The previous pivot index (109.34) was exceeded in August 2021 and the current pivot index (111.53) was to be reached
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in June 2022. Employment across Belgium is also expected to increase by 73,000 people over the period 2021-2022. Meanwhile, an economic outlook via the Organisation for Economic Co-operation and Development (OECD) indicated the country’s recovery plan is focused on a green and digital transition. Production in manufacturing has already surpassed pre-crisis levels. Business sentiment has improved, too, mainly driven by a rise in demand expectations.
