Belgium vs Latvia development indicators, 2024

Demography and Health

In terms of demographic indicators, Belgium exhibits a slightly higher birth rate (9.4 per 1,000 people) compared to Latvia (7.7 per 1,000 people), placing Belgium at rank 32 and Latvia at rank 70. However, Latvia faces a significantly higher death rate of 14.9 per 1,000 people compared to Belgium's 9.4, with Latvia ranking a notable 11th in this category against Belgium's 64th. Despite its lower birth rate, Belgium benefits from a higher life expectancy at birth of 82.4 years, compared to Latvia's 75.7 years, indicating a better overall health standard and healthcare effectiveness, with Belgium ranking 18th and Latvia 70th. The under-5 mortality rate also favors Belgium with 3.6 per 1,000 live births compared to Latvia's 3, translating to rankings of 38 and 60 respectively. Additionally, Belgium reports a lower poverty headcount ratio at 12.3% compared to Latvia’s 22.5%, indicating better socio-economic conditions.

Economy

Belgium's economy is considerably stronger than Latvia's in terms of GDP per capita, with Belgium reporting $55,955 against Latvia's $23,368, and ranks 21st compared to Latvia's 83rd. When considering GDP per capita in purchasing power parity (PPP), Belgium also leads with $72,126 against Latvia's $43,867. However, Belgium shows a concerning trend with a net outflow of foreign direct investment (FDI) at -5.4% compared to Latvia’s relatively stable inflow of 3%. Furthermore, both nations reflect a similar dependence on the global market with exports of goods and services at 79.2% of GDP for Belgium and 64.6% for Latvia. Inflation rates reveal that Belgium faces higher inflation at 3.1% compared to Latvia's 1.3%, potentially impacting purchasing power and economic stability.

Trade and Investment

Belgium ranks higher in key areas of trade and investment, particularly with its high-technology exports valued at $50.6 billion, compared to Latvia's modest $2.1 billion, leading to ranks of 16th and 68th respectively. The imports of goods and services reflect a similar heavy dependence for both countries, with Belgium again at 79.2% of GDP just slightly higher than Latvia’s 67.2%, with ranks of 32nd and 50th respectively. These trade dynamics illustrate Belgium’s more extensive integration into the global economy compared to Latvia. The current account balance also shows that Belgium maintains a slight deficit at -0.9%, while Latvia's deficit is more pronounced at -2.1%, indicating differing levels of economic health.

Governance and Institutions

Belgium demonstrates a stronger governance framework compared to Latvia across various indicators. The level of control of corruption is notably better in Belgium with a score of 1.3 against Latvia's 0.7, leading to rankings of 27th and 44th respectively. Government effectiveness similarly favors Belgium (rank 40) with scores reflecting a better administrative performance compared to Latvia (rank 56). Belgium's rule of law score is also superior, achieving a rank of 29 while Latvia scores a rank of 43. However, political stability is a more complex picture, with Belgium scoring 0.4 and Latvia scoring better at 0.6, illustrating a potentially more stable political environment in Latvia despite its lower overall governance scores.

Infrastructure and Technology

When it comes to infrastructure and technology, Belgium outperforms Latvia significantly, as indicated by the logistics performance index, which measures trade and transport-related infrastructure quality. Belgium scores a substantial 4.1 against Latvia's 3.3, ranking 5th compared to Latvia's 20th. Internet usage is also widespread in both countries, with Belgium at 94.6% of the population having internet access against Latvia's 92.2%, leading to respective ranks of 19th and 33rd. Research and development expenditure shows a marked difference, with Belgium investing 3.4% of its GDP compared to Latvia’s 0.8%, further illustrating Belgium’s commitment to advancing its technological landscape.

Environment and Sustainability

Regarding environmental sustainability, Belgium shows a mixed performance compared to Latvia. Belgium's renewable energy consumption is at 11.7% of total energy consumption, a fraction of Latvia’s impressive 44%, revealing Latvia's stronger commitment to renewable energy sources. However, Belgium generates fewer greenhouse gas emissions per capita (9 t CO2e) in comparison to Latvia (5.8 t CO2e), indicating a somewhat better environmental impact despite higher energy consumption from non-renewable sources. The level of water stress is notably better in Latvia, which withdraws only 1.1% of its available resources compared to Belgium’s significantly higher 51.9%, posing questions about sustainable water management practices in Belgium.