By: Mike Campbell
France was one of the first developed nations to emerge from recession following the global financial crisis. Helped by financial stimulus measures that the government of Nicolas Sarkozy put in place, France returned to growth in the second quarter of 2009. However, the French National Statistics office (INSEE) has been counting the cost and has announced that the French level of debt has risen to its highest level, 76% of GDP as a result of the measures. The French national debt stands at 1.46tn Euros (or 2.1tn Dollars) and has been buoyed by a reduction in tax revenues as individuals, consumers and companies have struggled in the face of the deepest and longest global recession since the great depression of the 1930s.
All of the world’s major economies were forced into adopting financial stimulus strategies to stave off a meltdown of the international banking system and the destruction of critical sectors of their economies. These measures have meant that the world’s leading economies have had to borrow heavily to meet their financial needs. A projection by the International Monetary Fund for levels of public debt over the next four years makes bleak reading. According to the IMF, the French public debt as a percentage of GDP is predicted to reach 96% by 2014. This is not the worst G7 member performance, by a long way. The IMF believes that the best G7 performance will be Canada with a debt level of 69% in 2014. Next comes Germany (89%), the UK (98%), the US (108%); Italy (129%) and then the runaway winner in the national debt stakes Japan with a debt burden of a whopping 246% of its GDP.
I’d just like to take this opportunity to wish all readers of these articles a very happy and prosperous 2010.
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