French Prime Minister Jean Castex presented on Thursday the details of
the € 100 billion economic stimulus plan
that his government will launch to overcome the economic and social crisis caused by the Covid-19 health crisis.
"It is an important moment in our strategy to fight the economic and social consequences of the health crisis that has hit the world and France," Castex, who was appointed Prime Minister in July by President Emmanuel Macron, told a press conference. replacing Édouard Philippe.
Paris hopes with this plan to create 160,000 jobs in 2021
and bring the French economy back to the level it had before the crisis by 2022. "It is ambitious, but it is perfectly within our grasp," Castex said.
"This stimulus plan of 100,000 million euros
is almost four times the stimulus plan of 2008
(after the financial crisis). It represents a third of the state budget. It is the most massive stimulus plan announced so far among European countries." Castex assured.
In reality, the French plan has an amount higher than the United Kingdom's economic stimulus park (33,000 million euros), but less than that of Germany (130,000 million euros).
Castex guaranteed the French that
the plan will not be financed with a tax increase
.
"It is economically and socially preferable to temporarily deteriorate our public accounts to invest, rearm the economy and recover, than to sink into austerity, let unemployment and human dramas soar," said Castex.
three pillars
The plan, dubbed "France Relance", has
three priorities: the ecological transition, the competitiveness of companies and social and territorial cohesion.
Of the 100,000 million euros foreseen in the plan, 30,000 million will be allocated to the ecological transition, 34,000 million to competitiveness, 36,000 million euros to social and territorial cohesion.
With this plan
, the French government also wants to make France more attractive to investors.
For this, Paris will lower taxes on production by an amount of 20,000 million euros in order to promote industrial reactivation and thus avoid relocations in other countries.
This reduction in production taxes would be done in two phases: 10 billion next year and 10 billion in 2022.
Castex assured in statements on the RTL chain that
this plan "is not a gift to companies, it is a gift to France to fight unemployment"
, which is one of the priorities of the French government in these times of economic crisis, as it wants avoid mass layoffs of French people and company closures.
"I want to say to the French: we are going to achieve it.
France will emerge stronger from this crisis with a more competitive, sustainable and more supportive economy,"
Bruno Le Maire, French Minister of Economy and Finance, assured the French during the presentation of the French stimulus plan.
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