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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Belgium GDP Growth Rate by Year (1961-2023)
Belgium's GDP growth rate has shown moderate fluctuations over the decades, often linked to European and global economic trends. The 1960s and early 1970s witnessed robust growth, peaking at 7.0% in 1964. However, the oil crisis of 1975 triggered a significant contraction of -2.0%, followed by recovery in 1976 at 5.7%. The 1980s were marked by economic stagnation, with periods of minimal or negative growth. The early 2000s saw gradual recovery, with growth stabilizing around 2-3% until the global financial crisis of 2008, leading to a contraction of -2.0% in 2009. The recovery in 2010 brought growth back to 2.9%, but the pandemic in 2020 severely impacted the economy, causing a -5.3% decline. The subsequent rebound in 2021 was strong at 6.9%, reflecting recovery efforts and economic stabilization.
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