Latest news with #Francois Bayrou
Zawya
4 hours ago
- Business
- Zawya
France's plan to cull public holidays may not help the economy
FRANKFURT - The French government thinks the country has too many days off for its own good, but its proposal to cull some public holidays may not produce much of an economic benefit. Prime Minister Francois Bayrou has proposed scrapping two of the country's 11 public holidays as part of a deeply unpopular emergency plan to plug a budget hole. In his sights is Easter Monday and one of four bank holidays in May, a month Bayrou compared to Gruyère cheese for its many holes. Bayrou's idea is that working two extra days will generate more economic output and therefore revenues for the government. Recent experience from elsewhere and various economic studies suggest it won't be as simple as that. In 2023 Denmark abolished Great Prayer Day, a Christian holiday that fell on the fourth Friday after Easter and dated back to 1686, to great popular discontent. On the surface, the sacrifice paid off. The number of hours worked by the average Dane fell by less than in previous years, according to Danske Bank. Yet when it comes to economic output, which is what matters for public finances, the impact of the extra day was tiny at between 0.01% and 0.06%, according to IMF estimates. France's statistical agency INSEE put the boost to GDP of Bayrou's proposal at a similarly negligible 0.06%. This is because time off is not all bad. Of course it slows down production, particularly for manufacturing companies. But it is also considered key for mental and physical health, and typically proves a boost to sectors like tourism. LEISURE CAN BE AN ECONOMIC BOOST In fact, economic studies find that output increases along with the number of national holidays - but only up to a point. One study of 101 countries by the Centre for Future Labour Market Studies in Malaysia put that sweet spot at nine or 10 public closures in a year. "As the number of public holidays increases, initially economic growth increases, but after some optimal point, when the number of public holidays increases further, economic growth starts to decline," the researchers said in the 2023 study. The exact number may depend on the make-up of a country's economy. A study of the Italian economy, which like the French is dominated by services and has on average 12 public holidays in a year, found that economic output did not vary or even slightly increased in years with more closures, indicating it was close to its own sweet spot. "Companies have fixed production targets and work around holidays," said author Francesco Maria Esposito, an assistant professor at the Birmingham Business School. The situation was similar in Germany, where the calendar is set by the 16 states and ranges from 10 to 13 holidays. The Dusseldorf-based Macroeconomic Policy Institute (IMK) found that German states that introduced a public holiday more often than not experienced stronger economic growth than those that cut one. "The equation 'fewer holidays equals more growth' simply does not hold up," said Sebastian Dullien, IMK's scientific director. Portugal scrapped four public holidays at the height of its debt crisis in 2012 -- only to reinstate them four years later. (Additional reporting by Maria Martinez in Berlin and Leigh Thomas in Paris Editing by Mark John and Frances Kerry)
Khaleej Times
15 hours ago
- Business
- Khaleej Times
Which country gives the most public holidays in the world and how does UAE fare?
Halfway across the world, a recent political proposal has been making the headlines, after French Prime Minister Francois Bayrou on July 15 proposed to cut two public holidays to drive economic growth as part of a plan to overhaul the country's debt-laden finances. The proposal has stirred outcry in the European Union's second-largest economy, and resurfaced memories of a toppled predecessor, who tried to do something similar and soon found himself out of a job. "The entire nation must work more — to produce, to increase overall national activity throughout the year, and to improve France's situation," Bayrou said. "That's why I propose the removal of two public holidays." With the latest proposal bringing public holidays in focus, here is an overview of these holidays around the world, starting with the country offering the most to the least off days. Nepal: Nepal has the highest number of public holidays in the world with 35 days annually. Other countries with a high number of public holidays include India, Colombia and Philippines, with around 18 public holidays each. Among European countries, Slovakia has the most public holidays in Europe with 15 days. United States: While the actual number of holidays varies across its states, the United States recognises 12 federal holidays. According to data from the European Employment Authority EURES, the Netherlands and Denmark sit at the bottom of the count among European countries with nine days each. France has 11 nationwide public holidays according to the EURES, which covers data from the European Union as well as Iceland, Liechtenstein, Norway and Switzerland. England and Canada, with fewer than 10 days a year, are among the countries with the least public holidays. How does the UAE fare? Across different nationalities and careers, public holidays ring a familiar bell for all UAE residents, one that comes with the image of outdoor picnics, cruising through wadis, major mall sales, rejuvenating resort trips and mainly, spending time with family and friends while being away from work. In the UAE, residents enjoy up to 13 days of public holidays every year, which differ on the basis of whether Ramadan last 29 or 30 days, with the government giving a day off on the 30th day of Ramadan. Here are the public holidays for 2025: Gregorian New Year: 1 January (1 day) Eid Al-Fitr: From 01 to 03 Shawwal (3 to 4 days) Arafa Day: 9 Thu Al-Hijjah (1 day) Eid Al-Adha: From 10 to 12 Thu Al-Hijjah (3 days) Hijri New Year: 1 Muharram (1 day) Prophet's Birthday: 12 Rabi' Al Awal (1 day) National Day: From 2 to 3 December (2 days) France's proposal Bayrou, a long-time debt hawk who is fighting for his political survival, made the headline-grabbing proposal on Tuesday, when he outlined a series of deficit-reduction measures worth 43.8 billion euros ($50.88 billion) next year aimed at lowering France's debt. His idea is not without precedent. In 2003, just months after a heatwave that killed nearly 15,000 people, then-Prime Minister Jean-Pierre Raffarin announced a plan to scrap the Pentecost Monday holiday and replace it with a "day of solidarity." Pitched as a form of civic duty to finance aid for the elderly who had been disproportionably affected by the heatwave, employees would work for free while employers would also contribute. The measure, rolled out in 2005, was a disaster. Some offices and schools shut; others remained open. Some workers got paid; others didn't. Strikes and protests soon followed. "It has become a social and political mess," newspaper Le Monde wrote in an editorial at the time. Two weeks later, the day after voters rejected a referendum on the European Union constitution, Raffarin resigned.
Yahoo
17 hours ago
- Business
- Yahoo
Analysis-France's plan to cull public holidays may not help the economy
By Francesco Canepa FRANKFURT (Reuters) -The French government thinks the country has too many days off for its own good, but its proposal to cull some public holidays may not produce much of an economic benefit. Prime Minister Francois Bayrou has proposed scrapping two of the country's 11 public holidays as part of a deeply unpopular emergency plan to plug a budget hole. In his sights is Easter Monday and one of four bank holidays in May, a month Bayrou compared to Gruyère cheese for its many holes. Bayrou's idea is that working two extra days will generate more economic output and therefore revenues for the government. Recent experience from elsewhere and various economic studies suggest it won't be as simple as that. In 2023 Denmark abolished Great Prayer Day, a Christian holiday that fell on the fourth Friday after Easter and dated back to 1686, to great popular discontent. On the surface, the sacrifice paid off. The number of hours worked by the average Dane fell by less than in previous years, according to Danske Bank. Yet when it comes to economic output, which is what matters for public finances, the impact of the extra day was tiny at between 0.01% and 0.06%, according to IMF estimates. France's statistical agency INSEE put the boost to GDP of Bayrou's proposal at a similarly negligible 0.06%. This is because time off is not all bad. Of course it slows down production, particularly for manufacturing companies. But it is also considered key for mental and physical health, and typically proves a boost to sectors like tourism. LEISURE CAN BE AN ECONOMIC BOOST In fact, economic studies find that output increases along with the number of national holidays - but only up to a point. One study of 101 countries by the Centre for Future Labour Market Studies in Malaysia put that sweet spot at nine or 10 public closures in a year. "As the number of public holidays increases, initially economic growth increases, but after some optimal point, when the number of public holidays increases further, economic growth starts to decline," the researchers said in the 2023 study. The exact number may depend on the make-up of a country's economy. A study of the Italian economy, which like the French is dominated by services and has on average 12 public holidays in a year, found that economic output did not vary or even slightly increased in years with more closures, indicating it was close to its own sweet spot. "Companies have fixed production targets and work around holidays," said author Francesco Maria Esposito, an assistant professor at the Birmingham Business School. The situation was similar in Germany, where the calendar is set by the 16 states and ranges from 10 to 13 holidays. The Dusseldorf-based Macroeconomic Policy Institute (IMK) found that German states that introduced a public holiday more often than not experienced stronger economic growth than those that cut one. "The equation 'fewer holidays equals more growth' simply does not hold up," said Sebastian Dullien, IMK's scientific director. Portugal scrapped four public holidays at the height of its debt crisis in 2012 -- only to reinstate them four years later. (Additional reporting by Maria Martinez in Berlin and Leigh Thomas in ParisEditing by Mark John and Frances Kerry) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
17 hours ago
- Business
- CTV News
French PM's plan to scrap two holidays stirs outcry, and memories of a toppled predecessor
PARIS - French Prime Minister Francois Bayrou wants to scrap two public holidays to put France's finances back on track. It's a brave move: The last French leader to try something similar soon found himself out of a job. Bayrou, a long-time debt hawk who is fighting for his political survival, made the headline-grabbing proposal on Tuesday, when he outlined a series of deficit-reduction measures worth 43.8 billion euros (US$50.88 billion) next year aimed at lowering France's debt. 'The entire nation must work more - to produce, to increase overall national activity throughout the year, and to improve France's situation,' Bayrou said. 'That's why I propose the removal of two public holidays.' His idea is not without precedent. In 2003, just months after a heatwave that killed nearly 15,000 people, then-Prime Minister Jean-Pierre Raffarin announced a plan to scrap the Pentecost Monday holiday and replace it with a 'day of solidarity.' Pitched as a form of civic duty to finance aid for the elderly who had been disproportionably affected by the heatwave, employees would work for free while employers would also contribute. The measure, rolled out in 2005, was a disaster. Some offices and schools shut; others remained open. Some workers got paid; others didn't. Strikes and protests soon followed. 'It has become a social and political mess,' newspaper Le Monde wrote in an editorial at the time. Two weeks later, the day after voters rejected a referendum on the European Union constitution, Raffarin resigned. Bayrou's uncertain future Bayrou, who has survived eight attempts to topple him since taking office last December, is certain to face more no-confidence votes in a few months when budget talks gather momentum. His fate now rests largely in the hands of the far-right National Rally (RN), France's largest parliamentary party, which can topple him if its lawmakers team up with the left. 'If Francois Bayrou does not change his plans, we'll vote for a motion of no-confidence against him,' RN party chief Marine Le Pen said on Tuesday, joining leftist party chiefs who also signaled their willingness to unseat Bayrou. Jean-Daniel Levy, from pollster Harris Interactive, told Reuters that while most supported Bayrou's deficit-reduction efforts, 70% of respondents to their snap poll rejected the scrapping of two public holidays, and 61% rejected Bayrou's proposed welfare spending freeze. 'I think everyone agrees we need to make an effort — but there are efforts, and then there are efforts,' said Jean Claude Vie, 85, as he walked the streets of Paris. 'Is he making any effort himself?' he asked of Bayrou, saying the 74-year-old would 'be better off retiring than holding onto a job that could go to someone younger.' Ditching the Pentecost holiday was an easier sell in 2003, Levy said, as many French wanted to give back after the killer heatwave. Bayrou, however, has no such levers to pull. 'It's perceived as a double punishment,' Levy said. 'Working more without earning more, and losing moments of rest.' Speaking on TF1 about the public holidays, Labour Minister Astrid Panosyan-Bouvet said that in 'exchange' for the additional working days, a 'contribution' would be requested from businesses, without giving more details. Opposition senses an opportunity Jordan Bardella, Le Pen's young protege and the RN's possible candidate in the 2027 presidential vote, zeroed in on Bayrou's proposal to abolish holidays, calling it 'a direct attack on our history, our roots, and the France of workers.' Leaders on the left were equally displeased. Sophie Binet, who leads the CGT union, criticized the plan to scrap the May 8 holiday, which commemorates the end of World War Two, questioning the nixing of a day celebrating 'the victory over Nazism, just as the far right stands at the gates of power.' Not all were outraged. In an op-ed in Le Monde, economist Charles Wyplosz said Bayrou's 'budget proposal is courageous and, overall, rather well-conceived.' Scrapping two public holidays would increase revenues to the tune of 4 billion euros, he estimated. Despite being diluted by lawmakers in 2008, Raffarin's 'day of solidarity' endures, widely derided as a 'ghost holiday' that continues to cause confusion among workers and employers. Additional reporting Noemie Olive and Leigh Thomas; Editing by Ros Russell, Reuters
Reuters
17 hours ago
- Business
- Reuters
France's plan to cull public holidays may not help the economy
FRANKFURT, July 16 (Reuters) - The French government thinks the country has too many days off for its own good, but its proposal to cull some public holidays may not produce much of an economic benefit. Prime Minister Francois Bayrou has proposed scrapping two of the country's 11 public holidays as part of a deeply unpopular emergency plan to plug a budget hole. In his sights is Easter Monday and one of four bank holidays in May, a month Bayrou compared to Gruyère cheese for its many holes. Bayrou's idea is that working two extra days will generate more economic output and therefore revenues for the government. Recent experience from elsewhere and various economic studies suggest it won't be as simple as that. In 2023 Denmark abolished Great Prayer Day, a Christian holiday that fell on the fourth Friday after Easter and dated back to 1686, to great popular discontent. On the surface, the sacrifice paid off. The number of hours worked by the average Dane fell by less than in previous years, according to Danske Bank. Yet when it comes to economic output, which is what matters for public finances, the impact of the extra day was tiny at between 0.01% and 0.06%, according to IMF estimates. France's statistical agency INSEE put the boost to GDP of Bayrou's proposal at a similarly negligible 0.06%. This is because time off is not all bad. Of course it slows down production, particularly for manufacturing companies. But it is also considered key for mental and physical health, and typically proves a boost to sectors like tourism. In fact, economic studies find that output increases along with the number of national holidays - but only up to a point. One study of 101 countries by the Centre for Future Labour Market Studies in Malaysia put that sweet spot at nine or 10 public closures in a year. "As the number of public holidays increases, initially economic growth increases, but after some optimal point, when the number of public holidays increases further, economic growth starts to decline," the researchers said in the 2023 study. The exact number may depend on the make-up of a country's economy. A study of the Italian economy, which like the French is dominated by services and has on average 12 public holidays in a year, found that economic output did not vary or even slightly increased in years with more closures, indicating it was close to its own sweet spot. "Companies have fixed production targets and work around holidays," said author Francesco Maria Esposito, an assistant professor at the Birmingham Business School. The situation was similar in Germany, where the calendar is set by the 16 states and ranges from 10 to 13 holidays. The Dusseldorf-based Macroeconomic Policy Institute (IMK) found that German states that introduced a public holiday more often than not experienced stronger economic growth than those that cut one. "The equation 'fewer holidays equals more growth' simply does not hold up," said Sebastian Dullien, IMK's scientific director. Portugal scrapped four public holidays at the height of its debt crisis in 2012 -- only to reinstate them four years later.
