Read more about Belgium Economy. The services sector accounts for a large portion of GDP in the export-driven economy. Tax Burden 46.7 Create a Graph using this measurement, Government Spending 17.2 Create a Graph using this measurement, Fiscal Health 77.0 Create a Graph using this measurement. 2. The banking sector has undergone restructuring, and the overall financial system remains stable. In the federal elections, the center-right New Flemish Alliance won the most seats in a fractured parliament. The Belgian Franc was replaced by the Euro in 2002. Belgium became independent in 1830. Belgium … Up to a certain level they can be compared with the American states or the German 'Länder'. Its overall score has increased by 1.6 points, led by an increase in the government integrity score. Government spending has amounted to 52.5 percent of the country’s output (GDP) over the past three years, and budget deficits have averaged 1.4 percent of GDP. The average trade-weighted applied tariff rate (common among EU members) is 1.8 percent, with 637 EU-mandated nontariff measures reportedly in force. Belgium is ranked 26th among 45 countries in the Europe region, and its overall score almost matches the regional average and is well above the world average. See more from the 2020 Index. Copyright © 2020 Belgian Federal Government, Historical outline of the federalisation of Belgium, Re-open EU: new platform to resume free movement and tourism in the EU, Spending power support measures for Belgians and industries in difficulty, On 8 May, we commemorate the heroes of World War II #wewillmeetagain, Additional socio-economic and health measures in the fight against covid-19Additional socio-economic and health measures in the fight against covid-19, instructions how to enable JavaScript in your web browser. As a result, Belgium today, has three communities: the Flemish Community, the French Community and the German-speaking Community. Trade Freedom 86.4 Create a Graph using this measurement, Investment Freedom 85.0 Create a Graph using this measurement, Financial Freedom 70.0 Create a Graph using this measurement. Access to credit has been strengthened by the new Pledge Law and the establishment of a unified and modern collateral registry. Belgium boasts a dense network of rails and roadways and Europe’s second-busiest port, Antwerp. Resolution of insolvency has been made easier. I created a separate list with famous Belgians. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. The monarch is hereditary. Employment regulations have been loosened gradually since 2015 from their previous highly burdensome levels. A basically stable and efficient business environment nonetheless leaves room for improvement. Appointed by monarch from candidate pool chosen by parliament. This explains why the country has three official languages: Dutch, French and German. So no worries, I didn't forget about Adolphe Sax. As a result, the first Article of the Belgian constitution reads today: 'Belgium is a federal state, composed of communities and regions'. The king is the chief of state representing the Belgian identity and appoints the prime minister with parliament approval. In 2003, the Court of Arbitration was introduced and its competencies were expanded which developed it into a constitutional court. This occurred through six state reforms (in 1970, 1980, 1988-89, 1993, 2001 and 2012-2014). Note: this list only contains facts. Fun Belgium facts. Its overall score has increased by 1.6 points, led by an increase in the government integrity score. With these 74 facts about Belgium, let us learn more about its people, culture, economy, history, geography and more. It is a tricolor with black, yellow and red vertical strips. The prime minster is appointed by the monarch from the majority coalition. These communities therefore correspond with the population groups. Belgium, officially the Kingdom of Belgium, is a country in Western Europe.It is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to the southwest, and the North Sea to the northwest. The result was several communities. The top income tax rate is 50 percent, and the top corporate tax rate is 29 percent. The concept of 'community' refers to persons that make up a community and the bond that unifies them, namely their language and culture. Laws are well codified, and the independent judicial system functions professionally, albeit with a growing backlog of cases. Education in Belgium is compulsory up to 18 years of age. The first line relates to language and, in a broader sense, to everything related to culture. In 2019, the parliament adopted a law aimed in part at further reducing subsidies granted to offshore wind electricity production. Public debt is equivalent to 101.4 percent of GDP. 40 members are elected through a flexible-list proportional representation system. Belgium became independent in 1830. Between 1970 and 1993, the country evolved into a more efficient federal structure. The economy has long benefited from openness to foreign investment, and government policies are not a significant deterrent. Belgium Facts. The legislature is in charge of passing laws and voting in the confidence of the federal government. 1. The total value of exports and imports of goods and services equals 175.6 percent of GDP. Before Belgian independence became fact in 1831, the region’s unofficial flag boasted the same colours that it does now, only its bands were horizontal. University. To return to the ranks of the mostly free, the government must rein in chronically high and unsustainable government spending. The chamber of deputies has 150 seats elected through a flexible-list proportional representation system. Neighboring countries have a strong political and economic impact on Belgium. Belgium is a federal state with three culturally different regions: Flanders, Wallonia, and the capital city of Brussels, which hosts the headquarters of NATO and the European Union. Corruption is relatively rare in Belgium and is most serious in government procurement and public works contracting. More than 1000 varieties of beer are manufactured in Belgium; you can drink a different variety of … The redistribution of power occurred along two lines. © 2020 by The Heritage Foundation. Belgium is known for several things including soccer and Manneken Pis, the statue of the urinating boy.Below are some of the fan facts about Belgium. 1. We divulge 12 fun facts about Belgium’s tricolour. Grades each country on a scale of 0 to 100, based on ten freedoms, with 100 representing the greatest amount of economic autonomy from government intervention. It was formally designated as a constitutional court in 2007. See how Belgium compares to another country using any of the measures in the Index. Property rights are well protected by law, although property registration is cumbersome and enforcement of intellectual property rights can be protracted. A symbol of independence. The establishment of the three regions was the result: the Flemish Region, the Brussels Capital Region and the Walloon Region. As a result, the first Article of the Belgian constitution reads today: 'Belgium is a federal state, composed of communities and regions'. GDP growth over the past five years has been similarly lackluster. The leadership of the country is now in the hands of various partners, who independently exercise their authority within their domains. This treasure of Belgium facts is proof of that. Significant fragmentation of the labor market continues. The second line of state reform was historically inspired by economic interests. Corporate default probability is low on average. The political and economic situation is good. The regions, which aspired to more economic autonomy, conveyed these interests. The prime minister is the head of government in charge of the direction of the executive departments of the government and appoints the cabinet. Belgium, particularly Brussels, plays a very important role in European politics and economy, as many international organizations have set up their headquarters in the country. Government Name: Kingdom of Belgium Constitution: Adopted: 1970; Gradually evolved Belgium into a federal state. There's much more to Belgium than beer, chocolate, and waffles. The overall tax burden equals 44.6 percent of total domestic income. Property Rights 84.5 Create a Graph using this measurement, Judicial Effectiveness 62.5 Create a Graph using this measurement, Government Integrity 80.2 Create a Graph using this measurement. Belgium held federal, regional, and European elections in May 2019. The power to make decisions is no longer the exclusive preserve of the federal government and the federal parliament. All Rights Reserved. Public officials can face heavy fines and imprisonment for corruption. Belgium sits across the fault line that separates German and Latin cultures. Belgium’s economic freedom score is 68.9, making its economy the 48th freest in the 2020 Index. The country is further divided into 10 provinces and 581 municipal councils. Other taxes include value-added and estate taxes. However, the communities and the regions also have the power to establish and maintain foreign relations. The national flag of Belgium was adopted in 1931. Coalition building is difficult because separatist Flemish parties gained in Flanders, and the Greens and far-left Workers’ Party of Belgium increased their support in Wallonia. Belgium’s economic freedom score is 68.9, making its economy the 48th freest in the 2020 Index. This would increase the prospects for successful implementation of its economic policy agenda, which is aimed at boosting job creation, strengthening competitiveness, and consolidating public finances. Between 1970 and 1993, the country evolved into a more efficient federal structure. Avoid sneezing and blowing your nose in close proximity to others. The judiciary branch is in charge of interpreting the constitution.