Excerpt: Luxembourg

Job machine in the heart of old Europe

 

In economic terms, the Grand Duchy of Luxembourg
is one of the world’s most successful countries, its per
capita GDP is the second highest in the world, following
Liechtenstein. In the past 20 years Luxembourg’s
economic output grew on average over five per cent
per year. In all of Europe only Ireland has shown more
dynamic development — though as a latecomer, and
starting from a lower level of development.

 

The country, which has become a highly important
financial centre, has gone through a dramatic process
of structural change. Luxembourg’s “Trente glorieuses”
came to an end in the mid-1970s; these were thirty
glorious years that brought the country growth and
prosperity. Back then, ore mining and steel production
accounted for roughly 30per cent of Luxembourg’s GDP.
Although year for year some six million tons of iron ore
were excavated in the country, it still had to import
additional ore to smelt a total of 6.5 million tons of
steel. 25,000 people, one sixth of the country’s working
population, was at that time employed in steelworks or
ore mines.

 

(...)

 

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