The war in Ukraine constitutes a major shock for France.
Our economy, barely recovering from the Covid pandemic, is being hit hard by stagflation and the energy shock.
On the surface, France seems relatively preserved.
Growth will stand at 2.7% in 2022;
inflation jumped to 5.6% but remains well below that of the euro zone, which reached 9.1%;
job creation continues.
At the same time, the United States and the United Kingdom entered recession;
Germany is stagnating and is seeing the collapse of the mercantilist model based on cheap Russian energy, low-cost labor from Central and Eastern Europe, exports to the BRICS;
Italy is very weakened by its demographic crisis, by its energy dependence on Russia, by its public debt of 152% of GDP, and now by the coming to power of the extreme right.
The resilience of the French economy is, however, deceptive.
It is explained by the plans…
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