PARIS (FRANCE) – The French government announced on Thursday a stimulus package of 100 billion euros (88.75 billion pounds) to bolster the economy and remove the impact of the coronavirus crisis in a span of two years.
As per the package, 35 billion euros has been set apart for making the euro zone’s second biggest economy competitive. Eco-friendly energy options will get 30 billion and 25 billion will be earmarked for supporting jobs, said officials on Thursday.
The package amounts to 4% of its GDP and France is the only big European nation to pump more public cash into its economy.
The economy suffered its worst recession since World War II by contracting 11% and President Emmanuel Macron’s government is hoping the package enables it to return to pre-pandemic levels by 2022.
There will be slashes in business taxes worth 10 billion euros annually and fresh public funds to bolster the industrial, construction and transport sectors.
According to officials, the transport sector would receive 11 billion euros with 4.7 billion for the rail network and 4 billion euros will go for green public buildings and 2 billion for homes.
Two billion euros will be given to the hydrogen industry, which is key to the transition from fossil fuels to green energy sources.