France Joins the Third World, as May Most “Diverse” Western Countries, By Richard Miller (London)

A grim tale as reported at gbnews.com (link below):

France, once among Europe's most prosperous nations, is now said to have slipped into "third-world status" after new figures revealed it has firmly slid into the EU's "second tier".

For the third consecutive year, the country's wealth per capita sits below the EU average and has now fallen beneath that of Cyprus, according to Eurostat data.

The latest figures paint a stark picture - with the EU average set at 100, Germany scores 111, Britain 99, and France just 98.

Meanwhile, Italians have nearly caught up entirely, with GDP per capita at purchasing power parity standing at $59,453 (£43,430) compared to France's $59,683 (£43,601).

Nicolas Baverez, a French former senior civil servant, offered a damning assessment in Le Figaro: "Our country has become the Argentina of Europe. France is shut in an infernal spiral that is leading it to third-world status."

The 2026 budget, which the French Parliament passed on Monday, has offered little cause for optimism among those hoping for fiscal discipline.

Rather than trimming expenditure, Prime Minister Sebastien Lecornu's Government has opted to raise taxes substantially, adding €6.5 billion (£5.6billion) to the burden on wealthy households and €7.3 billion (£6.29billion) to corporate levies.

Public spending, already exceeding €1.7trillion (£1.46trillion) and ranking among the highest in the developed world as a proportion of national wealth, will climb by a further €38billion (£32.79billion) this year.

Tax revenues are set to reach 43.9 per cent of GDP - up from 43.6 per cent previously.

The French Government initially aimed to cut the deficit from 5.4 per cent to 4.7 per cent through spending reductions.

Its revised target of five per cent now depends primarily on higher taxation, while national debt of €3.4trillion (£2.93trillion) continues to swell.

Critics have argued that the budget contains precisely the ingredients responsible for France's recent economic failures, with elevated taxation, even higher public spending, and mounting debt to cover the shortfall

https://www.gbnews.com/news/world/france-third-world-status-devastating-new-figures