Belgian Economic Miracle
The Belgian economic miracle (french: Le miracle belge, nl, Het belgische wonder, literally "The Belgian Miracle") was a period of rapid economic growth in Belgium after World War II, principally between 1945 and 1948. It was characterised by parallel trends of rising employment and real wages and low inflation, leading to improvements in living standards. It formed part of the period of rapid post-war economic expansion in Western Europe in the late 1940s and 1950s but preceded many other "economic miracles" and was notably shorter in duration. The term itself has been criticised in relation to its possible contribution to the growing obsolescence of Belgian heavy industry in the 1950s and 1960s and emergence of deindustrialisation. Economic miracle During World War II, Belgium had been occupied by Nazi Germany and had seen a deterioration in its gross domestic product through war damage and the economic policies pursued by the occupiers, despite the efforts of Alexandre Ga ...
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Economic Growth
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real gross domestic product, or real GDP. Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses national income accounting. Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure. The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income). The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time. This growth rate represents the trend in ...
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