Unemployment In France Essay

France

Introduction

France is one of the biggest economies in the world, standing 5th in terms of GDP(nominal) and 8th in terms of Purchasing Power Parity(PPP). It grew momentously after the post war period till the mid-70s, the period being referred to as ‘thirty years of glory’. After the oil crisis of the 70s, growth rates cooled down and unemployment rose significantly. This continued, at a more modest rate, into the 21st century.

After the post war period, the structure of the economy changed as well. It was mostly dependant on agriculture and industries before and service and administrative businesses contribute mostly to the wealth. Also, it was north and north eastern France that was developing the most, by the 80s these places started losing jobs and population. Since then, growth has shifted to the

The minimum wage law was supplemented by a growth-indexed wage by the government. This increases the lowest wage more than the inflation rate prevalent. The rates are set annually and is a compulsion for all employers to follow. Women, in general, are paid less than men. And wages in Paris are almost double than the ones in less developed areas of France. Unemployment

Unemployment has been a big worry for many European countries and France is no exception. Unemployment level reached a record high this March with about 3.35 million people unemployed. Since the 2008 recession, the levels have soared and stands today at 10.3%.

Exports and Imports

More than 20% of the GDP is through exports which comprises mainly of raw agricultural products, wine and other beverages and dairy products. It is a major importer of machinery, chemicals and textiles. In fact, France had a trade deficit from the 70s to the 90s post which it has a surplus thanks to tourism. Like India, import of oil causes a big dent in their net exports. Recently, export of pharmaceutical and para-chemical products have gained