La Commission européenne a publié une étude accablante sur l’économie française, dans le cadre de ses missions de surveillance … Le bilan est inquiétant : balance commerciale détériorée, compétitivité prix et hors prix fragile, progression salariale déconnectée de la productivité, profitabilité des entreprises réduite (et en conséquence capacité à innover affaiblie et compétitivité réduite), marché du travail trop rigide, dette publique croissante (et en conséquence turbulences probables sur les marchés financiers et éviction de l’investissement privé) …

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Le résumé de l’étude ci dessous :

FRANCE is experiencing macroeconomic imbalances, which require monitoring and decisive policy action. In particular, the deterioration in the trade balance and competitiveness levels, driven both by cost and non-cost factors, against a background of a deteriorating external position and high public debt deserves continued attention. The need for action so as to reduce the risk of adverse effects on the functioning of the French economy and of the Economic and Monetary Union, is particularly important notably given the size of the French economy.

More specifically, the growing trade deficit reflects the long term decline in export market shares which is linked  to persistent losses in both cost and non-price competitiveness. Wages have risen fast and put pressure on prices and firms’ profitability. The low and decreasing profitability of private companies, in particular in the manufacturing sector, have not only weighed on their indebtedness, but more importantly may have hampered their ability to innovate and to strengthen their non-price competitiveness. Other factors, including the decreasing number of exporting firms have aggravated these competitiveness issues. In particular, rigidities in the French labour market, which also contributed to the development in the cost of labour, may have limited the potential for adjustment of the economy and hampered productivity developments. In addition to the competitiveness issues, the rising public debt exposes France to potential financial market turbulence and brings risks of crowding out private investment.

 

Quelques faits relevés dans l’étude à suivre …

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