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1、FlashEconomicsCanitbeclaimedthatFranceisdoingbetter?15January2018-57ItisoftenclaimedthatFranceisdoingbetter,arealeconomicdynamismisre-emerging,thecountryismodernising,etc.Admittedly,therearestart-upsandtherearecompaniesbeingcreated,butwecannotseeanymacroeco
2、nomic-scaleconsequencesofthismicroeconomic"effervescence".Unfortunately,France’smacroeconomicsituationremainsdominatedby:Skillproblemsinthelabourforceandevenmoreamongyoungpeople;Weakmodernisationofcapitalincompanies;Weakabilityofproductioncapacitytorespo
3、ndtoincreasesindemand,leadingtoalong-rundeteriorationinforeigntrade.Thesethreecharacteristicsareobviouslylinked.PatrickArtusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comDistributionofthisreportintheUnitedStates.Seeimportant
4、disclosuresattheendofthisreport..FlashEconomicsIsFrancedoingbetter?ItisoftenclaimedthatFranceisdoingbetter:manycompaniesarebeingcreated(Table1),itissaidthatFrancehasbecomeastart-upnation,thatthereisanewdynamismintheeconomicfabric,etc.Table1:Numberofbusiness
5、start-ups(as%ofpopulation)UnitedStatesUnitedKingdomGermanyFranceSpainItalyJapan20020.280.39-0.360.700.560.0720030.270.46-0.400.750.550.0820040.280.510.440.440.760.590.0920050.290.490.410.440.830.610.0920060.290.470.400.460.840.560.0620070.280.540.390.530.80
6、0.660.0820080.260.500.410.530.630.550.0720090.230.380.360.930.580.550.0720100.240.380.380.990.610.510.0720110.250.410.380.870.620.510.0720120.250.420.350.870.610.540.0720130.270.540.320.850.660.54-20140.280.580.310.860.670.520.0120150.300.540.300.790.750.54
7、-20160.30--0.83---Sources:Eurostat,OECD,WorldBank,NatixisInvestorsseemtosubscribetothisidea,sincein2017theyonceagainbecamebuyersoffinancialassetsinFrance(Chart1).Chart1France:Purchasesofequitiesbynon-residents(inUSDbn)2.02.01.51.51.01.00.50.50.00.0-0.5-0.5-
8、1.0-1.0Sources:EPFR,Natixis-1.5-1.506070809101112131415161718Unfortunately,thisentrepreneurialdynamismisnotreflectedatamacroeconomicscale:thesizeofthenew-technologysectorremainssmallinFrance(Tables2Aan
