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Economics

China – Beyond the financial risk

  • Edition 6 December 2018

    Chinese debt has been a major topic over the past few years. And not without reason, as it entails a risk of financial instability that is real, despite the existence of buffers. But possibly overly much so, to the point of overshadowing the rest. However, beyond the financial risk, there are also other risks, questions and uncertainties, linked to the recent political and institutional developments, as well as the deterioration of relations with the United States.

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France – Pensions: The state of play and future reform issues

  • Edition December 3, 2018

    The reforms in the 2000s warded off the risk of a severe deterioration in the pension systems deficit. The financial balance, which is currently close to equilibrium, is likely to remain so in the short term. It is felt to be positive in favourable scenarios, but would again go into deficit, by 1-1.5% of GDP a year from 2030 in the more cautious scenarios. A new pensions reform has been announced whose prime objective is to roll out a universal regime that would be clearer and fairer. It would still be a pay-as-you-go system but would shift completely to a points-based regime.

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Italy – Economic environment : Under pressure

  • Edition 26 October 2018

    The impact of external risk factors materialised in the first half, leading to a more emphatic slowdown in the Italian economy than other European countries. Activity increased by 0.2% in the second quarter, hampered by the decline in foreign demand, albeit less pronounced than at the start of the year. Internal demand contributed positively to growth thanks to private investment, which should remain strong through end-2018.

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Germany - Scenario 2018-2019: Heading for a growth slowdown

  • Edition October 22, 2018

    After a year of sustained growth in 2017, Germany is now on the path of an expected slowdown of GDP at 1.9% this year and next. Germany benefits from solid domestic demand, driven by the dynamism of private and public consumption. Investment, although weakened by lower margins resulting from higher wage costs, remains the second factor supporting this growth. Net exports, on the other hand, will subtract a few points from GDP growth because of the acceleration of imports compared to exports.

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France: 2018-2019 Scenario

  • Edition 24 October 2018

    The first half was marked by a certain desynchronisation among the main economic regions. Growth remained upbeat in the United States and fairly stable in the eurozone, while some emerging countries experienced specific difficulties. In France, the growth outlook has been revised down slightly. After 2.3% growth in 2017, we are forecasting further fairly robust growth in 2018 and 2019 at 1.6% a year.

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Italy – Public Finance : 2019 budget, a European challenge

  • Edition 24 October 2018

    All eyes are glued to the 2019 draft budget. The power struggle between the Economy Ministry and the leaders of the two governing parties was won by the latter. Finally, the deficit will definitely rise to 2.4% in 2019, but will fall to 2.1% in 2020 and 1.8% in 2021. We will, therefore see a fiscal expansion next year, but the fiscal stance will subsequently become neutral once more. The long march towards a cancellation of the structural deficit will then resume from 2022.

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World – Macroeconomic Scenario for 2018-2019: "And yet it moves"

  • Edition October 4, 2018

    There are plenty of genuine causes for concern. Some threats are still looming, and it is difficult – if not illusory – to assign a probability to them and give them tangible consistency; others have already taken shape. The global economy is proving quite resilient. Nevertheless, even before these threats have a tangible influence on the real economy, their effects are being felt in financial variables and expectations.

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