Cultural Diversity and Economic Performance in Belgium Essay - 1

Cultural Diversity and Economic Performance in Belgium - Essay Example The projections for the year were indicative that the year 2013 would be the possible year of recovery for the region. This recovery would have a significant effect on the development of new jobs and reduction of inflation. However, the projections made for the year also indicates that there will be a new form of uncertainty that would affect the Belgian economy. The GDP of the area would grow in a significant manner despite the fall in the rate of development that was manifested in the Eurozone where the gross domestic product for the Eurozone went down by 0.2 percent. Despite the performance of the peripheral economies such as Nederlands and France that are the main trading partners for Belgium the economy in 2013 indicated a significant inclination for growth (Bellini and Ottaviano et al., 2013, pp. 121--141). In the normal circumstances, the economy of the employment sector takes a lot of time so that it can recover. The cyclical downturn that manifested itself in the middle of 2012 and the gloomy outlook on the economy in 2013 has the implication on the employment sector being a slow growth in the rate of employment (Bellini and Ottaviano et al., 2013, pp. 121--141). The downturn of 2012 was a major blow to the prospects of employment. This downturn meant that the people could not have the right employment since the economy is still struggling. The slow growth in the economy manifested in the areas will not be significant to cover the growth of the employment needs of the people. This means that the rate of real unemployment will remain in the regions that are has been playing at. In fact, the unemployment rates may go higher with the slow development of the economy and the general fall in the levels of production in the major trading partners.