France’s 100 billion euros recovery fund took shape on Thursday with details announced by Prime Minister Jean Castex. The main thrust will be to boost companies, with 35 billion targeted on making the French economy more competitive after a 13.8 percent second quarter GDP contraction.
The government is hoping to create 160,000 jobs next year, the Prime Minister said.
“This recovery plan aims to keep our economy from collapsing and unemployment exploding,” Jean Castex said on RTL radio.
Of the total, 30 million euros will be devoted to funding a transition away from fossil fuels, a move seen as a response to the success of the Greens in local elections earlier this year.
The government is very aware of the fact that French consumers stashed away 100 billion euros in savings during the lockdown, which was one of the toughest in Europe, and its recovery plan is aimed at encouraging more spending to further boost the struggling economy.
PHOTO: President Macron Reuters