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Economy Overview:
France is in the midst of transition from a well-to-do modern economy
that has featured extensive government ownership and intervention to one
that relies more on market mechanisms. The government has partially or
fully privatized many large companies, banks, and insurers. It retains
controlling stakes in several leading firms, including Air France,
France Telecom, Renault, and Thales, and is dominant in some sectors,
particularly power, public transport, and defense industries. The
telecommunications sector is gradually being opened to competition.
France's leaders remain committed to a capitalism in which they maintain
social equity by means of laws, tax policies, and social spending that
reduce income disparity and the impact of free markets on public health
and welfare. The government has lowered income taxes and introduced
measures to boost employment and reform the pension system. In addition,
it is focusing on the problems of the high cost of labor and labor
market inflexibility resulting from the 35-hour workweek and
restrictions on lay-offs. The tax burden remains one of the highest in
Europe (nearly 50% of GDP in 2005). The lingering economic slowdown and
inflexible budget items have pushed the budget deficit above the
eurozone's 3%-of-GDP limit; unemployment stands at 10%.
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