Tashkent, Uzbekistan (UzDaily.com) – On 3 September 2020, the French government has unveiled a new plan to stimulate the economy over the next two years. The plan was called France Relance (the rebirth of France), it is estimated at 100 billion euros and includes the following priority areas.

1) 34 billion euros will be allocated to promote the economic sovereignty and competitiveness of France. A significant part of this amount is aimed at reducing the tax burden on businesses by 10 billion euros. This measure will complement the gradual reduction of corporate income tax, which is carried out by the decision of E. Macron. So, from 33% in 2019, the income tax has already been reduced by 6%. It is expected to be less than 25% in 2022. The program also provides for the return to the country of previously withdrawn industries, especially in strategic sectors of the economy (pharmaceuticals, chemical technology, biotechnology, etc.).

2) For the development of the "green" economy, the government allocates 30 billion euros. In this aid package, significant funds are allocated to modernize the transport sector (11 billion euros), as well as improving the energy efficiency of public buildings, energy modernization of enterprises and the development of hydrogen energy.

3) The budget for financing social expenditures is 36 billion euros, of which 15 billion euros are allocated to support employment. The French authorities plan to create more than 160 thousand jobs in 2021. Youth employment is one of the main targets of these expenditures and 6.5 billion euros is aimed at encouraging the recruitment of new workers in the labor market. According to the National Institute of Statistics and Economic Research, incl. about 800 thousand jobs will be lost. Moreover, a total of 5.2 billion euros will be allocated to local authorities, and medical institutions will also receive cash injections.

As noted by the French Prime Minister J. Casteks, "the ambitions and scale of the program are of historical importance." Its main goal is to move from the emergency costs caused by the pandemic to the implementation of long-term plans.

In general, the presented economic rescue plan is the largest recovery project among European countries. Experts note that it is an "important step" in the fight against the economic and social impact of the pandemic. In addition, a number of analysts are inclined to view it as the beginning of E. Macron’s preparations for the upcoming presidential elections in April 2022.