France unveils 100-bln-euro recovery plan to relaunch economy

France will mobilize some 100 billion euros (US $118 billion) in a relaunch plan “of historical scale” to help its economy recover from the crisis linked to the coronavirus pandemic, Prime Minister Jean Castex announced.

“This is a very important moment in our strategy to fight the economic and social consequences of the health crisis that has hit the world and France,” said Castex on Thursday, Xinhua news agency reported.

“It is the strongest recession since 1929,” he said. “France holds on but is undoubtedly weakened.”

Castex identified ecological transition, competitiveness and social cohesion as three pillars of the plan, which he said was “the most massive announced to date among major European countries.”

The measures taken in the framework of the plan should serve as a “lever” for the economy, and in particular for employment, he added.

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