⚡️France: The Sick Man of Europe⚡️

⚠️ This conclusion no longer surprises anyone in France the entire press has been discussing it for over a year. Interestingly, French media writes the same thing about Germany, but these two countries are the engines of the European Union.

ℹ️ The standard of living is slowly but steadily declining, and no politician knows how to solve the deep-rooted problems of the French economy. There are problems in all sectors of the economy, and the national debt is growing rapidly. This year alone, France will have to pay 78 billion euros in interest. For the first time since 1958, the cost of servicing the national debt exceeds the budget of the Ministry of Education

ℹ️ The government will have to pay more than 100 billion euros annually just to service the debt, and in 2030, France will have to repay a record 124 billion euros. Today, the interest rate on 10-year bonds, at which France borrows, has reached its highest level in 20 years, at 4.41%, and it continues to rise. France is like an addict, searching for easy money; it doesn't need to produce anything

❗️The annual budget deficit remains above 5%, and despite the government's efforts to cut spending, it has failed for the third year in a row. It is constantly looking for ways to reduce state spending, but often encounters resistance from the left. Therefore, it is very difficult to reduce expenses

❗️ Unemployment has been rising for over a year and has reached 8.6%, which is attributed to the elimination of 44,000 jobs for people without experience this year. The French call this "alternance," meaning that a student works one week and studies the next, gaining experience. Now, this is no longer possible; employers will not hire someone without experience. Again, this is a result of the government's attempts to cut costs

❗️ GDP is expected to grow by only 0.4% this year, although the budget was planned for 1%. Investment is declining sharply due to rising costs, high interest rates, economic uncertainty, and a 0.3% decrease in purchasing power this year

❗️ Almost all political parties, the government, and the people are aware that France is heading towards a precipice, and it seems impossible to change the country's destructive course. One thing is clear: nothing remains of the prosperous France we once knew. The French are pessimistic about their future, where the standard of living for the average French citizen has been declining for the past 15 years and will continue to decline
https://t.me/yurasumy/29379

#France #economy

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