France economy

Before the elections, Macron bets on a pink French economy and new jobs | world news

PARIS (Reuters) – President Emmanuel Macron will present 21 new foreign investment projects in France and a booming economy on Monday as proof that his economic reforms have borne fruit less than three months before a presidential election in which he is expected to run. .

During a visit to Alsace in the east, Macron will announce a 300 million euro ($342 million) industrial project by German chemical giant BASF, one of 21 new projects worth 4 billion euros and 10,000 jobs as part of a campaign to attract foreigners. investors, his office said.

As the presidential race heats up, his aides are keen to steer the debate away from immigration and public order issues and focus on the economy, which has recovered strongly from the COVID-19 pandemic .

“This is the result of all the reforms that have been carried out since the beginning of the mandate,” a presidential aide told reporters.

“Three months before an election, one might have expected investors to be in a wait-and-see mode due to the uncertainty of an election. Instead, we are seeing very strong foreign investor confidence in politics. President’s economy,” he said.

Political cartoons about world leaders

Since 2017, Macron has implemented a cocktail of supply-side economic reforms designed to boost business competitiveness, lower taxes for investors and ease tough labor market rules.

Critics say he has acted as a “president of the rich” who wants to cut France’s precious social safety nets and cut social benefits for some of the poorest.

But three months before the April election, indicators show that the French economy is booming, with growth expected to reach 6.7% in 2021 and France is back closer to pre-pandemic levels than any other G7 country except the United States.

Macron supporters also received an unexpected boost on Friday from economist Paul Krugman.

“In fact, among the major advanced economies, arguably the star of the pandemic era is…France,” he wrote in his New York Times column 2022/01/14/opinion/ france-economie-pandemie-socialisme.html.

(Reporting by Michel Rose; Editing by Emelia Sithole-Matarise)

Copyright 2022 Thomson Reuters.