Grim economic forecasts for 2013 according to Medef Anjou and Credit Agricole Anjou Maine

Jean-Paul Betbeze

The nature and the consequences of the crisis all the Angers economic agents are living, whether they be managers, employees, households or public authorities was the issue of a conference organized on December 4th by the Medef Anjou, the employers' community and the Crédit agricole Anjou Maine. Dozens of managers of Angers, visibly worried by the trend, were there. In order to enlighten what is at stake, those invited Jean-Paul Betbeze, chief economist at the Crédit agricole. According to Mr Betbeze, what all these people and organizations are facing is not anymore a financial crisis, as it was a few years ago, but instead a "crisis of production".

That crisis, which embraces all the economic agents above, is illustrated with "the shrinking of France market share". That decrease, "due to France labor costs" is the reason of "France inability to get more growth", points out the lecturer who nevertheless insists on the necessity of growth to refund the public debt. But, the most worrying aspect is the present position of the private small and mediaum companies : if 17% are profitable and can overcome the crisis, 35% are not doing well and "the others are sinking because they were unable to strenghen themselves after 2009".

Joel Freuchet

According to the lecturer, if the French government's strategy is that of the "half shock", it will be difficult to smooth the impact of the crisis. Probably, "the jobs creation and the real wages (i.e. wages after deduction of social contributions paid by employees and taxes) will decrease". And there is no other way to improve France competitiveness face to other countries. Hopefully, says Mr Betbeze, times are changing : "the French government starts to find out that the crisis is not only financial". 

The answer would be to change the French state model which costs too much to companies and households. But the French indulgence regarding public spending goes back to the 19th century...  "Managers are optimistic persons", reminded Joel Freuchet, Medef Anjou president.