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Agencies:

France unveils �100 billion economy rescue plan

4th-September-2020

PARIS: France will spend 100 billion to help pull its economy out of one of Europe�s worst Coronavirus induced slumps, under a recovery plan that revives pro business reforms championed by President Emmanuel Macron with a greener tinge.

The $118 billion stimulus equates to 4% of gross domestic product, meaning France is ploughing more public cash into its economy as a percentage of GDP than any other big European country, an official said ahead of its formal launch later on Thursday.

France�s recession, marked by a 13.8% second quarter GDP contraction that coincided with a COVID-19 lock down and expected to generate an 11% drop in 2020 as a whole, has also been one of the region�s deepest.

Focused mainly on boosting companies and running over two years, the stimulus package earmarks 35 billion to make the economy more competitive and 30 billion to promote greener energy policies.

�This recovery plan aims to keep our economy from collapsing and unemployment exploding,� Prime Minister Jean Castex said on RTL radio. He further said the government aimed to create at least 160,000 jobs next year under the plan.