At the same time, Belgian investment abroad also fell, from $93bn to $68bn, leaving an investment deficit of $9bn. And while the level of cross-border mergers and acquisitions between industrialised nations fell by 29%, Belgium accounted for the single largest international transaction: the takeover by InBev of Anheuser- Busch, a deal with a total value of $52bn.

The developing and transition economies are the major beneficiaries. West Africa saw investments rise by 69%, while South-East Asia went up by 17% to a new high, and Latin America-Caribbean by 13%. But those were larger shares of a whole cake that was getting smaller: total investment flows fell from $1.7 trillion in 2008 to $1.2 trillion in 2009. Unctad predicts “a slow recovery in 2010” to $1.4 trillion, gaining momentum in 2001 to $1.8 trillion.

Belgian inward and outward investment 2007-2008:

2007 2008

Inward 110 773 59 680

Outward 93 901 68 278