19:46 GMT +321 July 2017
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    French independent centrist presidential candidate Emmanuel Macron casts his ballot in the presidential runoff election in Le Touquet, France, Sunday, May 7, 2017.

    France Awaits Economic Reforms in Labor Market From Macron

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    France expects the new president to implement economic reforms, primarily in the labor market. This should improve the state of the French economy, experts argue.

    The senior economist of the ING bank in Belgium, Julien Manceaux, told Sputnik that Macron's victory is important in terms of strengthening European integration and increasing the confidence of international investors in the European region.

    However, according to Manceaux, France — as one of the strongest economies in the European Union — puts great hopes on the former minister of finance and expects him to implement efficient economic reforms.

    "ING Bank hopes that the implementation of reforms by the new president will lead to a significant increase in France's GDP. In particular, in 2018 the growth of the French economy should reach about 1.7 percent," the expert stated.

    In Manceaux's opinion, the first thing Macron needs to do is to reform the French labor market.

    "Currently, the unemployment rate among young people is very high, but this and other important reforms will also depend on the outcome of the parliamentary elections in June. Thus, we can say that Macron's victory is good, but not enough," he said.

    Unemployment in France reached 10.1 percent in March this year, which is above the average 9.5 percent across the eurozone. According to the forecast of the European Commission, the unemployment rate in France is likely to reach 9.9 percent in 2017, and 9.6 percent in 2018.

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    unemployment, presidential election, economic reforms, Emmanuel Macron, France
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