The survey - conducted before the presidential elections in France that resulted in an impressive win for Emmanuel Macron - suggested a somber mood in the country. The feeling of malaise can be attributed to prolonged economic weakness and high unemployment, especially among youth.

France has struggled to implement reforms in recent years. Almost three-quarters of French respondents believed their society is stuck in a rut and changing little. This feeling has grown since the survey in 2015, when 63 percent felt that way. Less than a quarter of French respondents were positive on their country's economic situation, with the rest being critical or very critical.

Even more alarming was the pessimism over the prospects of millennials and Gen X. Only 21 percent of the respondents felt that the younger generation has good prospects in France, with 76 percent expressing dissatisfaction or outright alarm.

In France, the biggest concern is the labor market. Reducing unemployment was seen by 81 percent of the respondents as critical. Nearly three-quarters believed that steps taken by policymakers so far were inadequate in addressing the issue.

The feeling that their life had improved in terms of prosperity eluded the French participants. Nearly 40 percent felt that they were worse off now than five years ago. Older generations - those aged 45 and above - were the most vulnerable to this feeling. Almost half of the respondents felt that far-reaching reforms were needed to plug the gaps but a majority saw such reforms as disadvantageous for more people on the whole.

Respondents believed that France must boost its competitiveness as a business location by improving the quality of schools and university and supporting research and new technologies. A strong protectionist undertone was evident in the survey, with 65 percent of the respondents wanting companies protected from foreign acquisition. The French also want companies to create jobs locally and not abroad. Securing pensions and addressing growing inequalities were other concerns of the French respondents.

Allianz SE published this content on 26 June 2017 and is solely responsible for the information contained herein.
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Original documenthttps://www.allianz.com/en/press/news/studies/170626_State-of-Two-Nations/

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