In the article “France avoids recession and defies economists” you can read that the French economy grew by 0.14% in the third quarter of 2008.
There is much to learn from this. The French have savings amounting to approximately 10% of their GDP, and while many others (including us Danes) borrowed too much in personal properties and overspent beyond belief, the French have been more sensible in their economic spending habits.
In situations such as these many nations are focused on internal solutions, yet learning from others can make ALL THE DIFFERENCE, and should be encouraged.
What France are we talking about here? It can impossible be the France, Europe, where I live. The crisis are very hard. People have no money. No, nobody can borrow money, that’s true, but it’s more likely because everybody have too bad economy to have the right to borrow.
Very nice blog. I totally agree with your thoughts.
It’s true that the borrowing factor has also slowed, and the same is the case here in Denmark.
But I do think it was praiseworthy that savings were better in France than in many other countries. Here, some indications point towards almost one fifth of new buyers of houses are “technically bankrupt” in the sense that they cannot sell their homes without losing money. That is rather unfortunate because many are left in a situation where previously lending-willing banks have enslaved customers.
I agree. I think the crisis is hitting most of Europe (if not indeed the entire world), and times are getting pretty rough for many. Personally, I believe some of the growth packs started in this country can help stimulate some employment for many masons, carpenters etc. But all in all too many were way too optimistic about eternal growth. They have learned the hard way that there will always be valleys in growth graphs…
Thanks for your comment, and firsthand knowledge of France. Very much appreciated.
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