Published online by Cambridge University Press: 01 June 2011
The sorest ill that Heaven hath
Sent on this lower world in wrath–
Unemployment (to call it by its name)
Waged war on economics,
Sparing no country from the plague.
They died not all, but all were sick.
No jobs were left;
So hope and therefore joy were dead.
Richard the Lion-hearted council held and said:
‘Let us all turn eyes within
And ferret out the hidden sin.’
Himself let no one spare nor flatter,
But make clean conscience in the matter.
‘I Yield myself’, concluded he;
‘And yet I think, in equity,
Each should confess his sins with me.’
Belgians, confessing in their turn,
Thus spoke in tones of deep concern:
‘We have little to say
That you do not know anyway.
Without claiming to be exhaustive
We put a few facts in perspective.
Then turn to summarising
Scanty results on manufacturing.
Next we illustrate a methodology
That was pioneered in our country.
By way of conclusions
We share our interrogations.’
Factual perspectives
With a GDP of less than $100 billion and exports of more than $60 billion, Belgium comes perhaps closer than any other country to being a ‘small open economy’. Consequently, trends in world trade and export performance have a major impact on domestic activity, whereas the impact of domestic fiscal policy is damped by import leakages. Table 15.1 presents a few figures confirming these observations.
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