Skip to content skip to sidebar Skip to footer
By Gaëtan de Capèle – Deputy Managing Editor of Le Figaro (Economy)

It's a little early Christmas for Emmanuel Macron. Author of an unprecedented "remontada" in the polls, the Head of State now sees the economic horizon emerge seriously. Acceleration of growth, increase in consumption and investment, job creation… we have to go back a long time to find such promising prospects. As his predecessor said without ever having demonstrated it, this time “France is better”.

It probably owes it to an obvious change in climate since the presidential election. With the departure of François Hollande and the arrival of Emmanuel Macron, not only did the feeling set in that reforms were finally going to be undertaken, but proof was given with the labor law that they would be implemented. It was enough for confidence to return, that invisible fuel without which no economy in the world can prosper. However, the French convalescence also owes a lot to a particularly buoyant international environment, which is pulling our country upwards. And without playing the killjoy, it must be noted, with supporting figures, that France has not yet joined, far from it, the peloton of the healthiest countries.

No mystery in that: everyone knows that it will only succeed by aligning itself with the standards of a modern economy, from which it still remains very far. At 56% of GDP, the weight of public spending remains unbearable, and these are not the 1600 job cuts for civil servants planned by the government – ​​after the creation of more than 20.000 in 2016! – which will change anything. No more than the bewildering level of compulsory levies – we passed Denmark, historical champion… -, which is only dropping in dribs and drabs.

That is to say whether it is appropriate to welcome the current upturn with lucidity. France may be doing better, but it is still far from doing well.

Source: Editorial: "Stay lucid about the economic upturn"

Leave a comment

CJFAI © 2023. All Rights Reserved.