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France Focuses $33 Billion Stimulus Plan on Infrastructure
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The French government announced a 26 billion euros or $33 billion package as Stimulus spending. Its going into infrastructure projectsand investents by state owned firms like Electricite de France. It also includes aone-off payment of 200 euros for low-income households. Its valued at 1.3% of GDP. Under this plan, France will dig acanal north of Paris, renovate university buildings, and put new metro cars in service, and also fincnace the construction of 70,000 homes, on top of the 30,000 unfinished homes it is buying in 2009. Motorists who scrap thier old cars to buy new fuel efficient cars in 2009 will get a1000 euros bonus. This is aimed at reducing the stock of unsold cars which is at 1 million cars. And small companies will be exempted from social charges when they hire new employees.
Shifting sentiment for Stimulus in France and Germany as job losses mount.
01/04/2008
German GDP contraction according to Commerzbank estimates in late March show 6-7% GDP contraction in 2009. France with a smaller capital goods industy, is projected to drop 4%. Sentiment in both countries is shifting to larger Stimulus.
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