Back in 2019, which given the current pandemic, seems a much happier place we’ve been in, the French GDP was measured at $2.707 trillion (US Dollars). In was, a year back, actually the seventh highest GDP when compared to several of the world’s strong powers, including the United States, China, Russia, Germany, and the likes.
Today, in midst of the Coronavirus pandemic that has resultantly, slowed down much of the world, enforcing a ‘never-seen-before’ bleak economic picture, France finds itself among some work to do.
Inside the political corridors where the mighty loom large, the common discussion only centres how to restabilise the French economy that has seen far better days and greener pastures. It didn’t produce any wide-eyed smiles to note that in the period between April 2020- to- June, the French economy shrunk by as much as 13 percent.
Not great news for an otherwise strong Western European power, and easily, the second-strongest European economy, alongside Russia, after Germany. Right?
All of that said, the first crucial steps, as the French media reports, is to have a strong plan of action, that can, in the process of restabilizing the troubled economy:
Reverse the rising state of unemployment
Include tax cuts for businesses and enterprises
But how is all of that going to be achieved?
Well, worry no more for an ambitious stimulus plan has only recently been launched commandeered by none other than the French President Macron along with his new-in-command Prime Minister Jean Castex.
The most important news in all of France, at this point in time, is that a massive 100bn-euro (£89bn) package has been launched in a bid to repair the economic damage caused by the Coronavirus Pandemic.
But what does the domineering plan include and what areas can it look after?
A recent report published in the BBC, happened to share more details on the ambitious recovery package and shared the following:
Dubbed “France re-launch”, it is aimed at reversing rising unemployment, and includes tax cuts for business.
The economy shrank by 13.8% between April and June, the biggest quarterly fall since the Second World War.
Unveiling the plan, whose €100bn price tag is the equivalent of 4% of France’s annual economic output, Prime Minister Jean Castex said it was almost four times bigger than the rescue strategy implemented after the financial crisis of 2008.
Its goal is to move away from the emergency funding of the coronavirus crisis and to make long-term investments in employment and training, as well as in France’s transformation to a green economy.
About €40bn of the funding will come from the new European Union recovery fund.
All eyes now will centre on how soon can France experience the halcyon days and continue to walk with a spring of confidence in its step.