2024 economic overview by National Bank of Belgium: Global economy
Each year, the National Bank of Belgium publishes an annual report reviewing recent economic and financial developments in Belgium, Europe and the rest of the world. Belga English provides the highlights from this years' reports in three articles.
The global economy remained stable in 2024, growing by 3.2 per cent despite the monetary tightening, geopolitical uncertainty, military conflicts and trade restrictions, according to the annual report from the National Bank of Belgium (NBB).
Growth varied widely across major economies: the U.S. grew by 2.8 per cent, Brazil by 3.7 per cent, India by 6.5 per cent and China by 4.8 per cent. Meanwhile, the euro area saw just 0.7 per cent growth, with Belgium at 1 per cent and Japan slightly contracting at -0.2 per cent.
Europe in overdrive
Trade balances are back in focus, and the NBB questions whether Europe’s business model is "still sustainable in the Trump era." "We are moving towards a different world, with much less of a level playing field," warns NBB Governor Pierre Wunsch. "This is particularly important for small Belgium because we were one of the winners of globalisation."
The Draghi report on European competitiveness by former Italian prime minister Mario Draghi primarily supports deeper integration and investment but warns against overregulation. Wunsch highlights its key message that “Europe has gone into overdrive in imposing rules. Reporting is needed on almost everything. We have gone too far.”
Belgian National Bank in Brussels © BELGA PHOTO HERWIG VERGULT
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