The Flemish economy continues to develop more strongly than that of Wallonia and Brussels, even in the light of recent health and energy crises. According to the Federal Planning Bureau and the regional statistical offices, this trend will continue in the coming years.
The economic forecasts of the Federal Planning Bureau, Flanders Statistics, the Brussels Institute for Statistics and Analysis and the Walloon Institut wallon de l’évaluation, de la prospective et de la statistique predict an average annual growth of 1.6 percent for Flanders in the period 2024-2028. Wallonia would experience an average growth of 1.3 percent, while Brussels would experience a growth of 1.1 percent. This year, too, the Flemish economy is expected to experience higher growth (1.4 percent) than Wallonia (0.9 percent) and Brussels (1.3 percent).
The predicted higher growth in Flanders in the coming years can be attributed to a stronger contribution from market services and higher growth in industry. Market services include, for example, transport and communications, trade and catering, credit and insurance, and health care.
Rising employment
Employment is projected to continue to grow in the period 2023-2028, albeit at different rates. Brussels is expected to experience an average growth of 0.5 percent, Wallonia 0.7 percent and Flanders 1 percent.
The working population in Brussels is expected to grow more strongly than in Wallonia and Flanders, by 1.3 percent, 0.7 percent and 0.9 percent respectively per year. This is partly due to a further increase in the number of commuters from Brussels to Flanders. The employment rate will increase most in Brussels, to 68.9 percent in 2028, compared to 79.3 percent in Flanders and 68.1 percent in Wallonia.
Income growth
Purchasing power growth will slow down in 2024, partly due to the disappearance of energy bill support measures. In the period 2025-2028, an annual increase in purchasing power is still expected, with an average of 1.5 percent for Brussels households and 1.2 percent for both Flemish and Walloon households. The growth of Brussels incomes is supported by the strong increase in the working population. In Flanders and Wallonia, income growth is mainly determined by pensions due to the aging of the population.
READ ALSO. European citizens have a say in the design of new euro banknotes
These Flemings swear by cash: “It feels like the banks want to keep an eye on you”
Free unlimited access to Showbytes? Which can!
Log in or create an account and don’t miss a thing of the stars.