Belgium

Belgium Overview

Belgium has a free-enterprise economy, with the majority of the gross domestic product (GDP) generated by the service sector. The Belgian economy also is inextricably tied to that of Europe. The country has been a member of a variety of supranational organizations, including the Belgium-Luxembourg Economic Union (BLEU), the Benelux Economic Union, and the EU. The first major step Belgium took in internationalizing its economy occurred when it became a charter member of the European Coal and Steel Community in 1952. On January 1, 1999, Belgium also became a charter member of the European Monetary Union, paving the way for the introduction of the euro, which became the country’s sole currency in 2002, replacing the Belgian franc.

Source: www.britannica.com

Landscape and growth

Global State of the Market Report

In 2022, the Advisory Board Centre mapped professionals currently serving on Advisory Boards. This assessment identified over 8,000 professionals on Advisory Boards in Belgium.

Advisory Board Landscape

The assessment has identified low numbers of Advisory Board professionals in Belgium. Minimal participation in the market may indicate:

  • That Advisory Board structures engaged in the country are informal in nature;
  • Advisory Boards are referred as a different name, such as committees, councils or think tanks;
  • Traditional sourcing of advice is more customary for Belgium’s current business environment; or
  • There is a language barrier stemming from the search for Advisory Board professionals being in English.

Future Growth Opportunities

As an emerging sector in Belgium, connection and collaboration with the global Advisor community will present strong future growth opportunities. Further, focusing on key market sectors – transport, food and accommodation, and pharmaceuticals – as well as acknowledging start-up and emerging industries are essential. It will also be important for Advisory Board professionals in market to be credentialed to best practice and ethics as this sector grows over time.

Key Statistics

Population 11.7 million
GDP $594,104 USD million
Labour Force by occupation
Agriculture0.94%
Industry20.65%
Services78.42%
GDP by sector
Agriculture0.59%
Industry20.85%
Services67.77%
Import $509,809 USD million
Export $516,056 USD million
Global ease of doing business rank 52nd
Global ease of doing business score 71.69/100