French’s former economic minister and one-time investment banker, Emmanuel Macron faces voters’ judgement. Apparently, Mr. Macron is officially confirming for re-election with his rivals. Having before identity and immigration topic, now voters demand more. Mr. Macron and his rivals will receive judgement over job creation and incomes. Can he secure his position?
Government supports on business and incomes, recovery funds as much as €100bn or 4% of GDP help French’s economic rebounding from pandemic. It is growing faster than Germany, Italy and Spain. Mr. Macron, under his management believes that French has become more business-friendly. He contributes to cutting taxes, replacing wealth tax and narrowing property tax. Plus, he introduced flat tax on financial income and foreign investors.
Mr. Macron promised that by 2025 there would be at least 25 French firms valued at over $1bn. Three year before 2025, this figure has attained its goal. French’s job market is doing well. Unemployment fell from 9.2% to 7.2%. Thanks to private job creation, the unemployment fell.
French government poured investment in training. The numbers of trainings continue to rise since 2017 to 2021, from 290.000 to 720.000. Employment increased, even jobs for elders are preserved. These are the highest level in national statistics.
Despite of those successes, Mr. Macron also has weak points in his economic records. During the pandemic, he contributed to public debt as much as 115% of GDP. It makes French as the most indebted country in EU. Although French has bright economy, Mr, Macron does not point out a strategy to reduce the debt. Valérie Pécresse, from Republicans’ candidate remarked that he has burned the cash.
