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AROUND THE BRANCHES – French Economic Growth Predicted to Slow

The latest quarterly economic outlook from the country’s central bank, which has its headquarters in Paris, expects that growth will slow from 1.3% this year to 1.1% next year; only last summer it predicted that growth would continue at 1.3%.

With an eye on the more distant future, Banque de France, predicts that the economy will rally in 2021 and 2022, with growth of 1.3% predicted for both years. However, this is lower than the 1.4% which it originally predicted for 2021.

The predictions for next year chime with those of the French Finance Minister Bruno Le Maire in so far as they have been downgraded; however they are less optimistic than his growth forecast, which he recently downgraded from 1.4% to 1.3%.

More strikes, more economic pain?

President Emmanuel Macron is continuing to push ahead with an ambitious economic agenda despite considerable hostility from “yellow vests”.

Pension reform has been the protesters’ latest target, with union leaders calling for an open-ended strike and protesters taking to the streets in a show of force.

Yet Macron remains steadfast. “We are rebuilding a universal pension system, much fairer and accountable,” he said in an AP report*.

“I have an ambitious project for the country”, he said. “And I won’t give up. Because I deeply believe that France is a great country which can face the challenges of the 21st century.”*

Financial advice for expats in France

As an expat in France you will have unique cross-border circumstances that are likely to affect your pension planning. For example, you may wish to convert your UK pension to a QROPS or SIPP.

Whether you are looking into this or are considering the possibility of an assurance-vie, we can offer specialist and personalised advice to help you make a decision that is in your best interests.

We can help you make sense of all your wealth management options so that you can have confidence that your money will continue to work for you, both now and in the future, when you reach retirement.

Disclaimer: The provision of information in this communication is not based on your individual circumstances and does not constitute investment advice. Blacktower makes no recommendation as to the suitability of any of the products or transactions mentioned.

* https://apnews.com/f3fa07de7ab78c9f507bb5ac48db73e6 Accessed 18-12-19

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Job opportunities rapidly accelerate in France

The Eiffel TowerAs a popular destination for British expats, France offers many opportunities and can provide a high quality of life, with lots of exciting opportunities. And now it appears that there are burgeoning employment opportunities as well.

Like so many other countries, France was hit hard by the financial crisis of 2008 and the country’s economy was damaged, as was its job market. However, France has made a gradual recovery and new statistics suggest that recently its pace of recovery has rapidly accelerated.

Research from RegionsJob has shown that the number of jobs being created in France shot up to 200,000 in the third quarter of 2017, which is an increase of over 40% when compared with the same period in 2016. France has not seen as many vacancies created since the financial crisis.

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