The great decline of the European and American economies highlighted by the IMF

The International Monetary Fund publishes good growth prospects for the world economy this year, with one or two exceptions, including the euro zone.

The International Monetary Fund (IMF), an institution based in Washington whose economic studies are today directed by the French economist, Pierre-Olivier Gourinchas, notes the disconnection of the European economies from that of the United States. With GDP growth (national wealth) of 2.7% expected for this year across the Atlantic, the dynamism of the American economy supports the global economy but Europe does not play this driving role.

According to the IMF, what is at issue is the persistent fragility of the two largest economies in the euro zone: Germany and France. The wealth produced by Germany this year should increase by a small 0.2% and 0.7% for France. We could say: France is doing a little better than Germany. This is true, but it remains two points below American dynamism, which benefits from the increase in the productivity of its companies, strong demand and its dynamic labor supply. Figures which prove that the euro zone in general, and the Franco-German engine in particular, absolutely must catch up. Easier said than done.

Bosses appeal to Europe a few weeks before the elections

Economic growth is being built. Firstly by the economic policy carried out by the State, then, above all, by the direct actors that are public or private companies. Some bosses are also starting to get impatient. They ask Europe to work where France is lacking in their eyes. Rather than waiting for a hypothetical massive and effective action from the French state, let’s turn to Europe, where the decisions are really made. Like an appeal launched to MEPs a few weeks before the European elections.

The mobilization started from Afep, the French Association of Private Enterprises, chaired by Patricia Barbizet, the first woman to head this institution. Afep asks Europe to do everything to strengthen the competitiveness of our companies in the face of international competition, in particular by reducing administrative overloads and directing savings towards innovation and the ecological transition. What France cannot do effectively at its own level. There is also a social contract at stake: large French companies today employ eight and a half million people around the world, including four and a half million employees in Europe.