Belgium scores low for competitiveness

Belgium continues to drop lower in the list of the most competitive countries, according to the annual World Competitiveness Ranking 2013 by the Institute for Management Development (IMD), which shows Belgium dropping from 26th to 28th place. Out of a total of 60 countries, the United States, Switzerland and Hong Kong lead the list, while Croatia, Argentina and Venezuela fill the last three places.

Belgium falls short in the area of business competitiveness for the third year in a row, according to the study, mainly due to the high tax burden, the rigid operation of the national labour market and the state of public finances in the country.

The Federation of Enterprises in Belgium (FEB) responded “disconcerted”, pointing out that a big part of Belgium’s prosperity and employment is dependent on its ability to attract new investors in order to gain market shares abroad. The business organisation is therefore calling for urgent socio-economic reforms.