Flemish companies expect a bleak economic outlook for 2025, according to a new survey by employers’ organisation Voka. The survey, conducted among 750 firms, reveals that three-quarters of respondents fear they will be directly or indirectly affected by the trade war launched by US president Donald Trump.
The industrial sector is particularly apprehensive about the consequences. Companies trading with the US estimate that tariffs could cut their turnover by as much as 20 per cent.
“A double negative effect is being felt: a direct reduction in exports to the US, but also reduced exports to other countries that in turn do less business with the US,” the report states.
The impact is also being felt on employment. Half of the surveyed companies report lower-than-normal order volumes. One in five has already applied for temporary unemployment measures, and one in four is considering restructuring within the next six months.
Alarming situation
Uncertainty over investment is growing as well. One in three Flemish firms is already scaling back investment plans for the coming years. The remainder are taking a wait-and-see approach, monitoring developments in the weeks and months ahead, the survey says.
“The situation is alarming,” Voka warns. The organisation is urging authorities to implement a robust industrial policy and to protect the competitiveness of local companies.
At the European level, it calls for a deepening of the internal market by removing intra-European trade barriers and strengthening cooperation among member states.
