Battered by credit rating downgrades, alarming levels of unemployment, especially among young Muslims, and unaffordable welfare spending, France would be the symbol of European resistance to recovery – if Spain, Italy and Greece were not faring worse.
But the country prides itself on being among one of the great economies, the world’s ninth largest and Europe’s third (after Germany and the United Kingdom) using the test of “purchasing power parity”, higher on other valuations.
France’s performance is therefore a serious determinant of the state of health of the continent in general, and the euro zone in particular.
Before the national football team dramatically squeezed through play-offs to book a place in the 2014 World Cup in Brazil, the daily newspaper Le Monde drew fascinating parallels with the economy. It also touched on relations between the French and a large immigrant population with roots in the former Muslim colonies of the Maghreb and sub-Saharan Arica.
A front-page editorial said that in the more than 15 years since the night France won the World Cup on home soil, the mood of the nation had faithfully followed French footballing fortunes.
In 1998, the writer said, “that team – black-blanc-beur [describing the black, white and Arab make-up of the squad] – seemed to symbolise the spirit of summer, a united and conquering France, talented and moderate, able to use its ethnic melting pot as a collective force. The national economy had rediscovered growth of more than 3 per cent, the unemployment curve had been reversed and the president and prime minister, Mr Chirac and Mr Jospin, commanded record popularity”.
The contrast with today is stark. The opinion polls of 1998 demonstrated public satisfaction with the then “cohabiting” centre-right president,Jacques Chirac, and socialist prime minister, Lionel Jospin.
Now, the France that fights with limited effect against economic crisis is dominated by the left with a January polling confirming a dismal 24 per cent approval rating for François Hollande, the president.
When the Standard & Poor’s (S&P) credit rating agency downgraded France to double-A status, down two notches from the triple-A status lost two years ago, the analysis was unequivocal.
“We believe the French government’s reforms to taxation as well as to product, services and the labour market will not substantially raise medium-term growth prospects and that ongoing high unemployment is weakening support for further significant fiscal and structural policy measures,” S&P said.
France may have cried foul – the finance minister, Pierre Moscovici, condemned S&P’s “inexact judgements” – but external observers regard the criticisms as statements of fact.
Henrik Uterwedde, an economist from the German-Franco Institute, told the German broadcaster DW that it was going too far to regard France as another Spain. But he added: “The government faces a bundle of problems, and that’s what makes it so hard to act fast and in a way that’s convincing.”
The latest French target for meeting European Union deficit rules, reducing its deficit to 3 per cent of GDP, is 2015. But S&P is doubtful this can be met.
As Mr Hollande reflects on further possible damage by fallout from the extraordinary, almost farcical affair of his alleged scooter rides from the Elysée, in disguise, for romantic meetings with an actress, there seems little to cheer him.
Amid controversy over painful taxation policies, the kidnappings of bosses by workers facing redundancy and scepticism over his ability to revive the economy, the president has barely had time to smile at the Bank of France’s forecast that modest growth will be shown to have returned in the last quarter of 2013.
business@thenational.ae
Scores
New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs
New Zealand win by 47 runs
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
ICC Intercontinental Cup
UAE squad Rohan Mustafa (captain), Chirag Suri, Shaiman Anwar, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Saqlain Haider, Ahmed Raza, Mohammed Naveed, Imran Haider, Qadeer Ahmed, Mohammed Boota, Amir Hayat, Ashfaq Ahmed
Fixtures Nov 29-Dec 2
UAE v Afghanistan, Zayed Cricket Stadium, Abu Dhabi
Hong Kong v Papua New Guinea, Sharjah Cricket Stadium
Ireland v Scotland, Dubai International Stadium
Namibia v Netherlands, ICC Academy, Dubai
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
Results
2.15pm: Maiden (PA) Dh40,000 1,200m
Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,200m
Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.
3.15pm: Handicap (PA) Dh40,000 2,000m
Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.
3.45pm: Handicap (PA) Dh40,000 1,000m
Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.
4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.
Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.
54.45pm: Handicap (PA) Dh40,000 1,700m
Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.
How Sputnik V works
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Ramez Gab Min El Akher
Creator: Ramez Galal
Starring: Ramez Galal
Streaming on: MBC Shahid
Rating: 2.5/5
ABU DHABI'S KEY TOURISM GOALS: BY THE NUMBERS
By 2030, Abu Dhabi aims to achieve:
• 39.3 million visitors, nearly 64% up from 2023
• Dh90 billion contribution to GDP, about 84% more than Dh49 billion in 2023
• 178,000 new jobs, bringing the total to about 366,000
• 52,000 hotel rooms, up 53% from 34,000 in 2023
• 7.2 million international visitors, almost 90% higher compared to 2023's 3.8 million
• 3.9 international overnight hotel stays, 22% more from 3.2 nights in 2023