Overview of Belgium’s Real GDP
The real GDP of Belgium increased by 6.2% from the previous year to $548.1 billion in 2021. Belgium's economy reported a CAGR of 1.2% between 2010 and 2021. Belgium's future growth was hampered due to the rise in COVID-19 cases, rising inflation, and the conflict between Russia and Ukraine.
Outlook on Global Economy
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth.
The top five economies in the world by real GDP are the US, China, Japan, Germany, and India. With a value of $18.6 trillion in 2021, the US had the highest real GDP, followed by China. Japan's real GDP rose to $6 trillion during the same period, placing it third globally. Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, are the other two largest economies.
Factors Affecting the Global Economy
A rise in COVID-19 cases:
More cases have been reported globally due to Omicron, a new COVID-19 variant, which has disrupted supply chain management. However, the worldwide vaccination campaign has decreased COVID-19 fatalities.
Russia-Ukraine war:
Global economic expansion will be hampered by a protracted conflict between Russia and Ukraine. Due to the war, trade and investment have suffered because Russia has been subjected to economic sanctions, and several significant corporations have ceased operations there.
Rising Inflation and Interest Rates:
As a result of rising inflation rates in both developing and advanced economies, central banks have been forced to tighten monetary policy and raise interest rates to keep prices from rising. However, a steady increase in interest rates could cause financial distress in some economies.
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