Posted Nov 7, 2022, 7:21 a.m.Updated Nov. 7, 2022, 9:09 a.m.
It is a strange – even paradoxical – moment that the French economy is going through. Since the Russian invasion of Ukraine, bad news has been piling up on the macroeconomic front. Inflation continues to rise. Since the fall, France, like the rest of Europe, has been facing the worst energy crisis since the 1970s. Finally, the specter of a recession is looming in several countries of the euro zone, the main trading partner of our country.
Despite all these insults, the business is still holding up. While in normal times, the deterioration of the economy is accompanied by a demand shock, this is not the case today. On the contrary, the order books are full. “They represent 5 to 7 months of activity against the usual 3 months”, indicated before the Senate Eric Heyer, economist at the OFCE (French Observatory of Economic Conditions). The business climate, measured by INSEE, remains above its long-term average. A sign of confidence in the future, investment remains vigorous and the economy is creating jobs. Despite their skyrocketing energy expenditure, the first problem for leaders is that of recruiting…