France Slides Towards Recession
France, a country with seemingly strong economy, started to slide to global recession that greatly hit most industrial nations. With the economic downturn, France is now facing massive layoffs as the market industry trembles from the impact of recession while businesses continue to experience declining sales.
After few months of maintaining a healthy economy amidst global recession, France suddenly slide towards economic downturn as businesses started to reduce production and companies plans to lay off thousands of workers.
Earlier, the government warned the public that they should brace themselves from the impending recession which will start in the first months of 2009. Despite the French economy managing to increase by 0.1 percent in the third quarter of 2008, lawmakers feared that this is merely superficial, saying that the country will inevitably suffer the same fate of most industrial countries around the world.
The government’s warning is without reason. During the last quarter of 2008, the economy fell by 1.2 percent, prompting lawmakers to believe recession will inevitably happen this year.
In an interview, finance minister Christine Lagarde said that the gloomy fourth quarter was a result from the negative outlook of investors and businesses, adding that the volatile auto industry contributed to the recession.
Because of the bad condition of the car industry, President Nicolas Sarkozy proposed financial aid for auto companies to help its economy afloat and to avoid massive retrenchment. According to a recent data, one in every 10 people works in an auto company.
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