Thursday, January 19, 2012

What can we learn from the downgrade of France’s Credit Rating?

Eiffel Tower

Productivity and the growth of productivity must be the first economic consideration at all times, not the last. That is the source of technological innovation, jobs, and wealth. ~William E. Simon

Recently, France’s credit rating was downgraded from AAA to AA+ by Standard & Poor. The downgrade has something to do with the productivity of the country.

According to a news item, French are the laziest people in Europe because they work on an average 1679 hours a year and work the least numbers of working hours among European countries. It is less than German by 225 hours, British by 177 hours and Italian by 134 hours. These figures are given by Eurostat. Over a period of 10 years, full-time workers in France have reduced their working hours by 13.9% while German people have reduced by only 6.1%
In another article by Dagong Global Credit Rating Co. Ltd , it is stated that recent years have witnessed continuous reduction  in France’s economic competiveness; due to  many domestic structural problems the economy is inactive as shown by a decline in both export market share and high-tech export share, gradual increase of current account deficit, slow economic growth and high unemployment rate.  

Take –home message
To be productive is to work efficiently and effectively. It is also about working hard and smart on a regular basis and not just once in a while. Working diligently is the way to stay ahead and be competitive.  

Productivity is never an accident. It is always the result of a commitment to excellence, intelligent planning, and focused effort. ~Paul J.Mayer

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