Belgium (The Brussels Morning newspaper): The prediction for Belgium’s GDP growth in the second quarter of 2024 worsened to a decrease of 0. This was mainly due to troubles in the car industry, including a significant bankruptcy. However, based on the National Bank’s suggestion, there might be a chance for improvement in the future.
According to resources, the National Bank of Belgium said that reopening the car industry in the Brussels area may give the economy a slight boost, at least in the short run. Belgium’s economy increased by 0.2% in the second quarter of 2024. The National Bank of Belgium says this decrease from what they thought in June is because car-making had issues like going bankrupt and making less stuff.
Will Audi Brussels’ Problems Affect Belgium’s Economy?
It has been reported that somewhere around October 2023, the training happened. This situation arose due to a significant decline in demand for electric vehicles produced in Belgium. Moreover, there was a problem caused by one of the leading automobile firms becoming insolvent during the second quarter. In April 2019, an important bus manufacturer, namely Van Hool, went out of business with serious consequences, such as the potential loss of around 1600 jobs, among Hamburg’s largest-ever job reductions. It first showed signs of trouble in the second quarter when Audi Brussels began to cut production and shed temporary jobs. It has been reported that the National Bank of Belgium said the economy might grow by 0.2% in the third quarter of 2024. They mentioned that domestic demand and industrial production might not be very strong, but they are expected to get better as car production issues get resolved.
