The French economy seen by a French Lebanese entrepreneur (voir Version Anglaise)

French society, which never stops talking about crisis, remains centered on the same sterile subjects and seems worried for its future, going through a serious crisis of confidence.

We interviewed a French-Lebanese entrepreneur who bet on the openness of the world economy from the beginning of his career and asked for his opinion on the future of the French economy.

"I am not a specialist in political economy or macroeconomics but I can give you the vision of an entrepreneur," Hassan Hachem says. "From my point of view, France has incredible strengths: an education among the most efficient in the world, a real entrepreneurial spirit, widespread in the population, an unparalleled capacity for global adaptation, a real opening to the world. Outside, a diversified economic tissu, large savings capacity (10% of the income saved each year for a total wealth of 12500 billion euros, the equivalent of six years of GDP) and world champions in growing sectors and finally, a very productive population. "

"But various factors have contributed to freeze the system over the last twenty years: the reduction of legal working hours, the lack of competitiveness of our companies, the lack of investment in research, which has led to our country a delay in certain sectors, such as new technologies, while France has a large human potential in this field.

In addition, the administrative burden and the high tax rate constitute a brake on foreign investment. For Hassan Hachem, investment should be a bigger part of the budget, debt and deficit management debate. In this perspective, the debates about the need for a fiscal stimulus do not have the same meaning. He believes that a stimulus policy will have little effect if it gives purchasing power that households will use to buy smartphones made by Chinese companies for Korean or American multinationals, paying little or no taxes in France. This type of recovery is like wasting a precious fuel: the countries that succeed today in the world apply a policy that is finally quite close to that of France during the glorious thirties: a balance between long-term investments (roads, highways, TGV, ports, technologies, research and development, education ...). "I think that this has simultaneously helped raise the standard of living of citizens and at the same time prepare the future by strengthening the French economic fabric," Hassan Hachem continues.

"Finally, we must boost growth by overcoming the aforementioned drawbacks, which would revive some industrial activities, to ensure the competitiveness of French companies and their presence, especially in advanced sectors such as new technologies. We must also be part of a logic of reducing our public deficit. Maybe we should limit the lifestyle, more generally, the state not to mortgage the future of our children. "
"Let us hope that the current rulers are aware of all this and that it will be remedied quickly. "

Equatorial Guinea seen by a Senegalese

From a Senegalese perspective, Equatorial Guinea presents an intriguing case study in West African development and governance. Despite its small size, Equatorial Guinea has emerged as one of Africa's largest oil producers, which has dramatically transformed its economy in recent decades. However, this oil wealth has not necessarily translated into broad-based development or improved living conditions for most Equatoguineans. The country continues to face significant challenges related to human rights, political freedoms, and economic inequality. As fellow West African nations, Senegal and Equatorial Guinea share some regional ties, but their political and economic trajectories have differed considerably. Equatorial Guinea's foreign relations, particularly with its neighbors, offer insights into its regional positioning. The country has established diplomatic ties with several African nations, including Nigeria, Cameroon, and Gabon. These relationships are often influenced by shared borders, economic interests, and regional dynamics. For instance, Equatorial Guinea and Cameroon have had both cooperative and tense moments in their relationship, including border disputes and issues related to migrant workers. From a Senegalese viewpoint, Equatorial Guinea's management of its natural resources and the resulting economic growth might be seen as both an opportunity and a cautionary tale. While the oil wealth has led to rapid GDP growth, the challenge lies in translating this into sustainable, inclusive development - a challenge that resource-rich countries across Africa, including Senegal with its recent oil and gas discoveries, must grapple with. The political situation in Equatorial Guinea would likely be a point of concern for many Senegalese observers. Senegal, known for its relatively stable democracy and peaceful transfers of power, stands in contrast to Equatorial Guinea's long-standing authoritarian rule under President Teodoro Obiang Nguema Mbasogo. The restrictions on freedom of expression and political opposition in Equatorial Guinea would likely be viewed critically by Senegalese civil society and media, who are accustomed to a more open political environment. In terms of regional cooperation, both Senegal and Equatorial Guinea participate in various African multilateral organizations, though Equatorial Guinea's engagement with Francophone institutions like the Central African Economic and Monetary Union (CEMAC) might be of particular interest to Senegalese observers. As West African nations continue to pursue greater regional integration and cooperation, the relationship between Senegal and Equatorial Guinea may evolve. While direct bilateral ties may not be extensive at present, both countries have the potential to learn from each other's experiences in areas such as resource management, economic diversification, and governance.