France is the weakest of Europe’s big 3 economies


As it is obvious nowadays, the European Union has been in the throes of death for the last few years. Not only the last participating countries with emerging economies have financial problems but also the biggest economies of the EU has been suffering from unemployment, budget deficits and deceleration in economic growth.

France is the most affected economy inside the union from the global financial crisis. It is known that the UK and Germany also have financial congestions, but they have enjoyed a stronger recovery comparing to France. In such a catastrophic economic situation, of course economic disabilities of France have been a major issue in presidential elections.

 

According to the reports of the International Monetary Fund (IMF), the economy of French expanded by 1.2% in 2016 while the other two biggest economies of Europe, Germany and the UK, showed a performance of %1.8. There is not much difference. But, for 2017, the IMF makes a prediction of %1.4 growth rate for France which will be one of the weakest rates.

 

Beside economic growth rate, French is also dealing with the problem of unemployment. It has an unemployment rate of 10 percent which is more than the Eurozone average. The main problem inside this unemployment rate is that the 24 percent of the young people, especially between 15 and 24 ages have been locked out.

 

The gross domestic product (GDP) of France is finally getting higher, after years of slow growth. On one side the growth level is not high enough; on the other side, government debt of France is nearly 90 percent of GDP.

 

Of course there are some positive progresses of the third big economy of Europe. The income inequality and poverty risk for its citizens in France is fewer than the UK and Germany. The French government spends a high percentage of its GDP on social programs. On the other hand, the healthcare system of French needs some support.

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