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2011 OECD Economic Surveys: France 2011

image of OECD Economic Surveys: France 2011

The 2011 edition of OECD's periodic survey of the French economy.  This edition includes chapters covering the recovery, bringing down the public debt, making the housing market work better, and France's environmental policies.

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Executive summary

A moderate recovery is underway, but the recession will leave lasting traces. France is in an intermediate position amongst OECD countries in terms of the impact of the crisis. Various factors, including an appropriate macroeconomic policy response, enabled the economy to withstand the shock. Yet the financial and global nature of the recession would suggest that the recovery is likely to be moderate, with GDP growth rebounding gradually to reach 2% in 2012. This pace will doubtless be insufficient to bring joblessness down quickly. Export performance improved in 2010, and private investment should take over as the prime engine of growth. Although there is a housing shortage in some strained areas, the property market would probably be vulnerable if rates were to climb back up. Against the backdrop of bond-market turmoil in the euro area, the highest priorities are fiscal consolidation, raising employment rates and spurring productive supply.

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