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Emmanuel Macron wins French election, now targets the economy

He trounced far-right candidate Le Pen and avoided Frexit, but can Emmanuel Macron fix a fractured economy in a divided France?

The centrist candidate defeated political adversary Marine Le Pen in a devastating win of 66.06% of votes, to 33.94%.

His pro-EU vision puts an end to the possibility of Frexit. Furthermore, the ex-economy minister pursued his presidency in a neutral stance between the left and the right. Such a move seems to have rejuvenated his nation’s political system.

Emmanuel Macron
Flickr/Official LeWeb Photos

Pundits regard Macron’s victory as preventing populist sentiments in the wake of the Trump administration and Brexit.

However, experts are already speculating as to whether Macron will make true his promise of repairing a troubled French economy.

In the last decade the country has experienced a slump in growth, reduced competitiveness and an increase in unemployment.

Consequently, French citizens and critics are poised to see Macron, a former investment banker, effectively utilise his financial skills.

Yet, data from the campaign reveals that Macron’s economic strategy already differs from half of the French nation.

Emmanuel Macron - Compelo

Emmanuel Macron: Youngest French president

At 39 years old Macron is the youngest French president to date.

As such, he’s planning policies for economic reform that could potentially rock his citizen’s expectations.

Roughly fifty percent of the country hopes to see the state have more control and influence over economic development. As such, many French people want the government to actively ward off foreign competition, protect wages, and control pricing.

Conversely, Macron aims to reduce the role of the state in the aforementioned factors.

Thus, part of his economic reform is based on gradually permitting companies to establish working hours and compensation with employees.

He also aims to adopt a pro-business mentality to revitalise the economy.

In this vein, he plans to reduce corporation tax from 33% to 25%.

Furthermore, he will implement a novel wealth tax aimed at the rich. However, this levy will not include financial investments.

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