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→National debt: Update in September 2024 regarding the budget crisis |
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Macron, shaken by pension protests, vowed in May 2023 to build factories, boost job creations and make France more independent.<ref>{{cite web |date=15 May 2023|title=Macron vows to build back factories, boost France's economy shaken by pension protests|website=[[Associated Press]] |url=https://apnews.com/505393a2371e6bfd4714ddbbbed25ff1}}</ref>
The Government of France experienced a significant shift in its [[bond market]] position on September 26, 2024, when its bond yield surpassed that of [[Spain]] for the first time since 2007.<ref name="bloomberg"/> The yield on 10-year French bonds reached 2.97%, slightly exceeding the yield on Spanish bonds of similar maturity, despite France's typically higher [[credit rating]].
This development raised concerns among investors about France's ability to manage its [[public finances]] effectively. France's bond yields were reported to be higher than those of [[Portugal]] and approaching levels seen in [[Italy]] and [[Greece]], countries traditionally viewed as having higher economic risks in the [[Eurozone]].<ref name="bloomberg">{{Cite web|url=https://www.bloomberg.com/news/articles/2024-09-26/france-s-bond-yield-surpasses-spain-s-for-first-time-since-2007|title=France's Bond Yield Surpasses Spain's for First Time Since 2007|website=Bloomberg News|date=September 26, 2024|access-date=September 26, 2024}}</ref>
Furthermore, France faces a [[budget crisis]] in 2024, with the deficit at risk of exceeding 6% of GDP, significantly higher than the previous government's estimate of 5.1%. Newly appointed Finance Minister [[Antoine Armand]] and Budget Minister [[Laurent Saint-Martin]] pledged to focus on [[government spending|spending cuts]] before considering [[tax]] increases to address the fiscal shortfall. Prime Minister [[Michel Barnier]] was tasked with finalizing the 2025 budget within days, amidst pressure to present realistic plans for deficit reduction.<ref>{{cite web |title=Stepping into budget crisis, French ministers pledge spending cuts |url=https://www.reuters.com/markets/europe/france-could-get-deficit-eu-limit-five-years-says-bank-france-head-2024-09-25/ |website=Reuters |date=26 September 2024 |access-date=27 September 2024}}</ref>
== Data ==
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[[Category:OECD member economies|France]]
[[Category:Economies of Europe by country|France]]
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