France tops for economic gloom

FRANCE leads the world as the most pessimistic country in terms of the economic outlook, with the lowest recorded score in over 30 years, according to a global poll — the Irish had the second gloomiest outlook.

The End of Year survey by Gallup International of 51 countries, published yesterday found that France beat second-placed Ireland and third placed Austria to be named as most economically pessimistic.

Its score of negative 79, a drop of 20 points from last year, was the lowest the poll has recorded since 1978.

“Even in 1978, after the second oil crisis that called into question an entire economic system, the French have never shown themselves as pessimistic as today,” said the poll.

“Europe leads in despair, followed by North America,” it said. “The rest of the world, lead by Africa, remains mostly optimistic.”

With a presidential election in April and a eurozone crisis threatening havoc, French voters are gloomy.

Concerns are pervasive over high unemployment, dwindling purchasing power and the fear that France’s traditionally strong social support system is unravelling, even though France has mostly been spared austerity measures taken in countries such as Greece and Spain.

“After the Second World War, there was reconstruction and our country was one of the pioneers of Europe. Today the French ‘Saviour State’ model, praised by both Left and Right for decades, is basically considered obsolete,” said the poll. “What can the French be proud of tomorrow?”

Nigeria was found to be the most optimistic followed by Vietnam and Ghana.

However, Irish investors are more optimistic about the Irish economy than the global economy for the next three months, according to the RaboDirect Investor Barometer. The survey of investors reveals that 9% are optimistic about global economic development over the next three months, compared with 20.9% who are optimistic about Irish economic development in the same period.