Belgium is in many ways an outlier among the Benelux countries in that, from the point of view of macroeconomic fundamentals, it bears closer resemblance to France, its southern neighbour, than to Germany, its eastern neighbour. Furthermore, as opposed to Luxembourg and the Netherlands, it displays a current account deficit, has a high (albeit over the years reduced) sovereign debt-to-gross domestic product ratio and runs a fiscal deficit.
In terms of economic disparity, the Benelux countries are relatively homogeneous. Among risk exposures, the demographic challenge posed by an aging population that is in evidence across most parts of the developed world is paramount. All three of the Benelux countries are strongly aff ected by demographic shi s, making it increasingly difficult for governments and corporates to fund and fulfil their pension liabilities and social security obligations at current levels.
NOTE The risk bars indicate the world distribution of the particular risk, from the lowest scoring country to the highest. The lower the score, the lower the risk or exposure to the particular indicator (i.e. a lower score is always positive).
All data is sourced from Zurich Risk Room