The Flemish economy is expected to demonstrate robust growth, outperforming the European average, as it is projected to grow by 1.4% in 2023, according to Statistics Flanders. This growth

surpasses the predicted rates for Brussels and Wallonia, which stand at 1.3% and 0.9%, respectively. The positive outlook for Flanders is attributed to improvements in the international economy, with an acceleration to 1.7% growth anticipated for 2024.

Previously, Statistics Flanders had expected a 1.3% increase, but a slight slowdown in inflation earlier this year may lead to a faster recovery. Key drivers of growth are identified as business services, construction, and equipment manufacturing.

This progress comes after the Flemish economy faced a contraction of nearly 5% in 2020 due to the impact of the COVID-19 pandemic. However, the region managed to bounce back with an impressive growth rate of 6.7% in 2021, followed by a 3.3% increase in 2022 despite challenges posed by the war in Ukraine and high inflation.

The projections indicate a positive economic trajectory for Flanders, positioning it favorably compared to other European regions. While some countries may experience economic contractions, Flanders continues to demonstrate resilience and growth potential.