The National Council for Productivity warns that production in Belgium is growing ever more slowly. The Council was set up in 2018 following a recommendation from the European Commission. The European Commission felt that EU member states needed an independent body to examine long-term productivity prospects. The National Council for Productivity is made up of, amongst others, representatives from the National Bank of Belgium and the Central Business Council.
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Growth in productivity in Belgium slows
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Since it was set up the Council has only been able to report slowdowns in productivity growth. "The financial and economic crisis reinforced this process in all three regions, and the energy crisis has also affected productivity," the Council’s latest report reads.
The war in Ukraine also had a negative impact on hourly productivity in Belgium. During the period from 2019 to 2022, average annual productivity growth stood at less than 0.5%.
The report predicts little improvement any time soon. Growth may still face considerable headwinds due to climate change the report predicts. Therefore, it advises governments to ensure that there is sufficient public investment, to boost innovation and to ensure that a more skilled workforce is available.