How does belgium make money

Since , successive governments have privatized some billion Belgian francs worth of business. The kingdom has few energy sources. Consequently, it must import a substantial amount of fossil fuel which provides The country has a well-developed nuclear industry that provides more than half of Belgium's energy needs in , some The remaining energy needs are met by a limited number of hydroelectric and coal plants.

As the profitability of many industries declined in the post-World War II era, the government attempted to support them in order to maintain employment. Among the strategies used were subsidizing certain industries, mainly steel and textile companies.

In addition, the government reduced interest rates and offered tax incentives and bonuses to attract foreign businesses. All of these measures helped maintain the economy by preventing massive unemployment, but they also led to drastic government deficits in the s and s. The government was then forced to borrow funds from international sources in order to maintain their imports and to continue social welfare programs.

By the s, successive governments diligently worked to reduce the debt. In fact, they even shifted from foreign to domestic sources in underwriting their debts. Belgium is a net contributor of foreign aid. Belgium was one of the founding members of the European Community later the EU , and has been one of the foremost proponents of regional economic integration.

In , 80 percent of Belgium's trade was with other members of the EU. Membership in the EU was the culmination of longstanding national support for economic cooperation.

This economic union provides for an interchangeable currency and it established a joint customs union. This organization oversaw cross-border trade between the 3 nations.

Belgium is also a member of the Organization for Economic Cooperation and Development OECD , an organization of the world's most highly developed industrialized democracies. Belgium has supported the main economic initiatives of the EU, including the elimination of trade barriers, such as tariffs , between the organization's 15 member states.

The EU also coordinates the external trade of its member states. EMU will replace the national currencies of its members with a single currency, the euro. This is designed to further ease trade among the nations that adopt the euro by eliminating currency fluctuations.

It will also do lasting damage to labor productivity and potential output. Visit ida. Pandemics, climate change, conflict. The world faces threats that can only be solved through cooperation and coordination across borders.

Since its founding, The World Bank Group has evolved to meet new challenges to ending extreme poverty and creating opportunity for all. Along with a vast network of worldwide partners, we continue to adapt with new innovative lending approaches, partnering with the private sector to expand funding for development, and responding to global threats that affect rich and poor alike. First World Bank President. This site uses cookies to optimize functionality and give you the best possible experience.

If you continue to navigate this website beyond this page, cookies will be placed on your browser. To learn more about cookies, click here. Where We Work. Looking at extremes , we see that 10 percent are gaining less than 2,, while on the other hand, 10 percent can count on more than 5, euros.

Women are still earning less than men. Taking into account full-time employment, women's wages were 6 percent below their male colleagues. In practice, the wage gap is 20 percent as more women are working part-time. Petrochemical industry versus hospitality sector.

The petrochemical industry tops the list of best-earning sectors, with average wages totalling 5, euros. Consultancy services e. The ICT sector design, developing and consultancy is on 4, with an average of 4, euros per month. The pharmaceutical sector is hot on its heels on number 5. On the other end of the table, we see the hospitality sector and cleaning services.

Professions: CEO versus waiter. Looking at professions, we see that captains of industry, managers and doctors are doing particularly well.

Managers related to ICT services beat their colleagues with almost 7, euros before tax. Studying mathematics, chemistry or physics may also not be a bad idea. It may land you a well-paid job if you stay in this particular area as a professional.