Editing Economy of Belgium (section)

== History ==
=== In the twentieth century ===
[[Image:Evolution of Belgian GDP.png|left|thumb|Evolution of the Belgian GDP]]

For 50 years through [[World War II]], [[Francophone|French-speaking]] Wallonia was a technically advanced, industrial region, with its industry concentrated along the [[sillon industriel]], while [[Dutch language|Dutch-speaking]] Flanders was predominantly agricultural with some industry, mainly processing agricultural products and textiles. This disparity began to fade during the [[interwar period]]. When Belgium emerged from World War II with its industrial infrastructure relatively undamaged thanks to the [[Alexandre Galopin|Galopin doctrine]], the stage was set for a period of rapid development, particularly in Flanders. The postwar boom years, enhanced by the establishment of the [[European Union]] and [[NATO]] headquarters in Brussels, contributed to the rapid expansion of light industry throughout most of Flanders, particularly along a corridor stretching between Brussels and [[Antwerp]], which is the second largest port in Europe after [[Rotterdam]].<ref name=DoS/>

Foreign investment contributed significantly to Belgian economic growth in the 1960s. In particular, U.S. firms played a leading role in the expansion of light industrial and petrochemical industries in the 1960s and 1970s.<ref name=DoS/>

The older, traditional industries of Wallonia, particularly [[steel industry]], began to lose their competitive edge during this period, but the general growth of world prosperity masked this deterioration until the [[1973 oil crisis|1973]] and [[1979 energy crisis|1979]] [[price of oil|oil price]] shocks and resultant shifts in international demand sent the economy into a period of prolonged [[recession]]. In the 1980s and 1990s, the economic center of the country continued to shift northwards to Flanders with investments by [[multinational corporation|multinationals]] ([[automotive industry]], [[chemical industry]]) and growing local [[industrial agriculture]] (for textiles and food).

The early 1980s saw the country facing a difficult period of [[structural adjustment]] caused by declining demand for its traditional products, deteriorating economic performance, and neglected structural reform. Consequently, the 1980–82 recession shook Belgium to the core—unemployment mounted, [[social welfare]] costs increased, personal debt soared, the [[government deficit]] climbed to 13% of GDP, and the national debt, although mostly held domestically, mushroomed.

Against this grim backdrop, in 1982, Prime Minister [[Wilfried Martens|Martens']] center-right coalition government formulated an economic recovery program to promote [[export-oriented industrialization|export-led growth]] by enhancing the competitiveness of Belgium's export industries through an 8.5% devaluation. Economic growth rose from 2% in 1984 to a peak of 4% in 1989. In May 1990, the government linked the [[Belgian franc]] to the [[Deutsche Mark]], primarily through closely tracking German [[interest rates]]. Consequently, as German interest rates rose after 1990, Belgian rates have increased and contributed to a decline in the economic growth rate. In 1992–93, the Belgian economy suffered the worst recession since World War II, with the real GDP declining 0.96% in 1993.<ref>{{Cite web |title=Belgium GDP - Worldometer |url=https://www.worldometers.info/gdp/belgium-gdp/ |access-date=2024-08-03 |website=www.worldometers.info |language=en}}</ref>

On 1 May 1998, Belgium became a first-tier member of the [[European Monetary Union]].

=== In the twenty-first century ===
Belgium switched from the Belgian franc to the [[Euro]] as its currency after 1 January 2002. Belgian per capita GDP ranks among the world's highest. In 2008, the per capita income (PPP) was $37,500. The federal government has not managed to present balanced budgets in recent years and public debt remains high, at 99% of 2009 GDP.{{citation needed|date=September 2022}} In 2009, during the [[Great Recession]], Belgium suffered negative growth and increased unemployment.<ref name=CIA>{{cite web |url=https://www.cia.gov/the-world-factbook/countries/belgium/ |title=Belgium |publisher=[[CIA World Factbook]]}}</ref> GDP growth in 2009 was −1.5%.<ref name=DoS/>

=== Trade unions ===
{{Main|List of trade unions in Belgium}}

With 65% of the workers belonging to a union, Belgium is a country with one of the highest percentages of trade union membership. Only the Scandinavian countries have a higher trade union density. The biggest union with around 1.7&nbsp;million members is the Christian democrat [[Confederation of Christian Trade Unions]] (ACV-CSC) which was founded in 1904.<ref>{{cite web|url=http://www.hln.be/hln/nl/957/Binnenland/article/detail/1166041/2010/10/05/Aantal-leden-christelijke-vakbond-neemt-jaar-na-jaar-toe.dhtml|title=Aantal leden christelijke vakbond neemt jaar na jaar toe|access-date=16 January 2018}}</ref> The origins of the union can be traced back to the "Anti-Socialist Cotton Workers Union" that was founded in 1886.<ref>{{cite web|url=https://www.acv-online.be/acv-online/het-acv/Wie-zijn-we/Geschiedenis/Geschiedenis.html|title=130 jaar ACV-geschiedenis|access-date=16 January 2018}}</ref> The second biggest union is the socialist [[General Federation of Belgian Labour]] (ABVV-FGTB) which has a membership of more than 1.5&nbsp;million.<ref>{{cite web|url=http://www.vlaamsabvv.be/art/pid/13618/Hoeveel-leden-telt-het-ABVV.htm|title=Hoeveel leden telt het ABVV? – Vlaams ABVV – Socialistische vakbond in Vlaanderen – Algemeen Belgisch Vakverbond ABVV|website=vlaamsabvv.be|access-date=16 January 2018|archive-date=19 December 2011|archive-url=https://web.archive.org/web/20111219131851/http://www.vlaamsabvv.be/art/pid/13618/Hoeveel-leden-telt-het-ABVV.htm|url-status=dead}}</ref> The ABVV-FGTB traces its origins to 1857, when the first Belgian union was founded in [[Ghent]] by a group of [[weaving|weavers]]. This and other socialist unions became unified around 1898. The ABVV-FGTB in its current form dates back to 1945. The third major multi-sector union in Belgium is the liberal (classical liberal) union [[General Confederation of Liberal Trade Unions of Belgium]] (ACLVB-CGSLB) which is relatively small in comparison to the first two with a little under 290 thousand members.<ref>{{cite web|url=http://www.aclvb.be/over-aclvb/structuurkerncijfers/|title=Structuur en kerncijfers van de ACLVB|date=12 October 2015|access-date=16 January 2018}}</ref> The ACLVB-CGSLB was founded in 1920 in an effort to unite the many small liberal unions. Back then the liberal union was known as the "Nationale Centrale der Liberale Vakbonden van België". In 1930, the ACLVB-CGSLB adopted its current name.<ref>{{cite web|url=http://www.aclvb.be/over-aclvb/historiek/|title=Geschiedenis van de ACLVB|date=12 October 2015|access-date=16 January 2018}}</ref>

Besides these "big three" there are a number of smaller unions, some more influential than others. These smaller unions tend to specialize in one profession or economic sector. Next to these specialized unions there is also the [[:nl:Neutrale en Onafhankelijke Vakbond|Neutral and Independent Union]] that rejects the [[pillarization]] of the "big three" trade unions (their affiliation with political parties). There is also a small Flemish nationalist union that exists only in the [[Flemish language|Flemish]]-speaking part of Belgium, called the [[:nl:Vlaamse Solidaire Vakbond|Vlaamse Solidaire Vakbond]]. The last Belgian union worth mentioning is the very small, but highly active anarchist union called the [[:nl:Vrije Bond|Vrije Bond]].