The French government will launch an economic stimulus plan to support the automobile and building industries which have been hardest hit by the current economic crisis, French President Sarkozy announced on Tuesday in Valenciennes, northern France.
"Within 10 days, we will announce a revival plan to save the car industry ... and to strengthen the building industry." Sarkozy said, without giving further details. The plan is totally about 19billion euros (some 24.34 billion U.S. dollars). Energy saving would be included to help building sectors.
"We won't let the auto industry down." Sarkozy said Monday, after talks with Germany's Chancellor Angela Merkel.
France's car industry employs 10 percent of the working population. Car makers Renault and PSA Peugeot Citroen have announced thousands of job cuts.
France's construction industry is also facing a slowdown. Housing fell 20.6 percent in the third quarter of 2008.
Despite two successive quarters of negative growth in France, the Organization for Economic Cooperation and Development forecasted on Tuesday that the country would fall into recession with 0.4 percent drop of GDP in 2009.
Source:Xinhua
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