France plans to restart the economy by € 100 billion

News

France plans to restart the economy by € 100 billion

04.09.2020 News

In France, the government has unveiled a draft plan to restart the 100 billion-euro economy amid a crisis over the coronavirus pandemic. This was reported by BFMTV on Thursday, September 3.

The document was released by the Prime Minister Jean Castex after months of consultations with economists, trade unions and other stakeholders. This economic aid package could be the country’s most expensive plan, with 100 billion euros accounting for about 4% of France’s GDP.

Among the priorities of the plan – the restoration industry, so-called “energy transition” and support employment.

In particular, the restoration industry proposes to allocate 35 billion euros. This includes tax cuts for businesses (an average of 10 billion in 2021 and 2022), relocation of some businesses and innovation.

The goal is to return the money that is now being invested in maintaining jobs and creating new ones in the form of GDP growth in five years. That is why the government decided to support the company, rather than provide direct assistance to households.

30 billion euros are allocated for the energy transition unit. These include the thermal modernization of buildings, the expansion of hydrogen uses and the promotion of environmentally friendly modes of transport, including through the improvement of the cycle path network. Minister of Economy and Finance Bruno Le Mera believes that these investments will “pay off” in 10-15 years.

Finally, it is proposed to send 28 billion of euros to the employment support unit. It also includes support for the employment of young people, which will enter the labor market this year, and the creation of a total of 160 thousand jobs in 2021 and another 240 thousand in 2022. At the same time slightly reduce targeted assistance to households most affected by the crisis.

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