No-Deal Brexit Can Cost Belgian Economy Around $4.45Bln - Reports
If the United Kingdom withdraws from the European Union without a deal, the Belgian GDP may drop by 0.9 percent, which is equivalent to a loss of around 4 billion euros ($4.45 billion) for the country's economy, the RTBF broadcaster reported on Thursday, citing the National Bank of Belgium
Meanwhile, Hans Geeroms, an expert from the National Bank of Belgium, believes that a hard Brexit could cost Belgium from 0.4 to 2.5 percent of its population's purchasing power.
The authorities of the northern region of Flanders claim that Brexit threatens this economically developed and populated region of Belgium most of all. In this regard, the head of the regional government, Geert Bourgeois, has called on Flemish companies to be prepared for this outcome and redirect their businesses to new markets.
According to estimates of international consulting company Deloitte, Brexit will hit Germany, France, the Netherlands and Belgium harder than other EU member states. The consequences will mainly be felt in Flanders, which accounts for 80 percent of Belgian exports to the United Kingdom.
The United Kingdom is one of Belgium's top five economic partners, consuming around 9 percent of Belgian exports worth a total of 32 billion euros. Belgium mainly exports cars, chemicals, pharmaceuticals, food, beverages, textiles, synthetic materials and manual mechanical equipment to the United Kingdom.
The European Council has granted the United Kingdom a Brexit deadline extension until May 22 if the House of Commons can pass the withdrawal deal by Friday and until April 12 if it cannot. The deal has already suffered two defeats in the UK Parliament.