Stabbed by Pandemic - France unveils €100 billion economic rescue plan

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Stabbed by Pandemic - France unveils €100 billion economic rescue plan

Amid conflicting narratives on whether the bloc’s major economies have been witnessing a second wave of pandemic outbreak, French Government of President Emanuel Macron had revealed a whooping €100 billion economic rescue plan later this week, suggesting a craving attempt aimed at creating new job opportunities and saving the country’s languishing small-cap businesses.

In point of fact, as the bloc’s second-largest economy after Germany has been witnessing a resurgence in pandemic outbreak amid its worst fiscal slump since the era of World War II, the massive revamp includes a swathe of economic reforms such as an affluent streamlining of money into the production lines of French medical supply factories, while top officials from French Government had also been quoted saying that the funds would be capitalized on developing hydrogen energy, yielding aids to the country’s ailing cinema and museum industry alongside training the nation’s youth for Gen-Z jobs.

France prepard to battle past the pandemic, say PM Jean Castex

Meanwhile, followed by the reveal of a mammothlike €100 billion in pandemic stimulus, voicing a cautiously optimistic tone French Prime Minister Jean Castex said, “It’s an important step for our strategy in the fight against the economic and social consequences of the crisis that hit France.

France held on, but it is incontestably weakened and now must pull itself out of an extremely sudden and brutal recession”. Notably, the French economy had been met with one of the steepest recessions among the G20 nations due to a stiffer two-month long forced lockdown measure that had nearly frozen the country’s business activities, eventually torpedoing the President Emanuel Macron’s vision to a radical transformation of the French economy before the end of his first term in 2022.

Despite tens of billions of euros spent in a bid to weather the fiscal fallouts of the pandemic outbreak, French economy had contracted by 13.8 per cent over the second quarter of the year, eventually making it one of the worst-hit G7 nations from a pandemic-led rout.