, Columnist
France’s Economy Is Doing Well. Macron Is Doomed.
A “vibecession” may be unfolding in Europe’s No. 2 economy.
In France, it’s not the economy, stupid.
Photographer: Nathan Laine/BloombergThis article is for subscribers only.
France is a country that embraces intellectual opposites. It loves both Cartesian rationalism and homeopathic quackery, it hates wealth yet specializes in luxury, and its egalitarian republic often feels like a monarchy.
Now the French are appropriately plunged into a bout of paradoxical pessimism, bemoaning what’s been called the worst political crisis since the Algerian War as social unrest festers, consumer confidence sinks and President Emmanuel Macron’s approval ratings tumble to all-time lows after an unpopular hike to the retirement age to 64 from 62. Yet the hard data suggest things are... actually quite good.