This should have been a powerful driver of this year’s recovery. Between 2020 and 2021, during the various waves of health restrictions, the French set aside around 170 billion euros on top of their regular savings, according to estimates from the Banque de France. Supersaving is based on a beautiful reverse scissor effect. while household incomes have held up during these months of the health crisis, thanks to public assistance, their consumption has fallen due to business closures, travel restrictions, and more.
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Along with the normalization of the economic situation, the woolen socks should logically gradually empty and water the economy through consumption, but also through targeted investments in growing companies. Economists had hoped for a massive impact on activity. 170 billion is a huge amount for France, which is around 7 percent of the gross domestic product (GDP). The mechanism worked at full capacity in the fall of 2021…
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Source: Le Figaro
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.