In order to “prevent an explosion of unemployment”, the Paris government is planning an enormous stimulus package. Still, the outlook is bleak. With a € 100 billion economic stimulus package, the French government wants to strengthen the economy, which has been weakened by the corona crisis. “France relance”, as the program is called in French, is expected to bring the country’s economic growth back to the level it was before the corona crisis by the end of 2022. France Wants To Boost Its Economy With 100 Million Euros.
France Wants To Boost Its Economy With 100 Million Euros
“This recovery plan aims to prevent a collapse of the economy and an explosion of unemployment,” said Prime Minister Jean Castex the broadcaster RTL Radio. The government wants to create at least 160,000 jobs with the package in the coming year. This Tuesday, the plan was discussed in the Council of Ministers chaired by President Emmanuel Macron.
According to insiders, 35 billion euros will be used to make the domestic economy more competitive, around 30 billion euros will flow into environmentally friendly energy policy, and 25 billion euros are earmarked for promoting jobs.
France’s economic output had plummeted by almost 14 percent in the second quarter – after a minus of almost six percent in the first three months. The nationwide lockdown had paralyzed large parts of the economy. Among other things, shops and hotels had to close by May 11th. Cafes and restaurants were only allowed to open again from June 2nd.