Macronomics hits speed bump

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Slowdown in French growth risks causing political trouble for president.

  • Zachary Young
  • Politico

PARIS — After the surge, the sputter.

Last year, as Emmanuel Macron swept to power pledging business-friendly policies, France’s economy zoomed ahead to post growth of 2.2 percent.

epa06907395 The then French presidential candidate Emmanuel Macron (C) of the 'En Marche' political movement, flanked by security staff Alexandre Benalla (R), speaks with employees of the Whirlpool plant in Amiens, northern France, 26 April 2017 (reissued 24 July 2018). A video has been released on 19 July 2018, allegedly showing Alexandre Benalla, French President Emmanuel Macron's deputy chief of staff, wearing a riot helmet and police uniform, while attacking protesters during street demonstrations on 01 May 2018. Media reports on 24 July state that Benalla has been fired and the prosecution is officially investigating the case. EPA-EFE/CHRISTOPHE PETIT TESSON

This year, even with signature Macron reforms such as a rewrite of the labor code and the partial elimination of France’s wealth tax taking effect, things aren’t looking so good.

Budget Minister Gérald Darmanin has backed away from the government’s earlier projection of 2 percent growth for the year.

He told parliament earlier this month the…

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