Debt, international tensions... Despite the uncertain context, confidence is returning to French bosses

Despite probable budgetary rigor, with 40 billion euros of savings to be found, despite the conflicts and the war economy announced by Emmanuel Macron, or even the customs duties imposed by the United States... French businesses have confidence!

According to a survey conducted by BPI France among 4,700 managers of small and medium-sized businesses (SMEs), confidence is returning and business prospects are on the rise in France. The figures are up 15 points among companies with more than 100 employees, which even anticipate a 2.7% increase in their turnover.

But is this sense of confidence good for the economy? According to the famous economist John Maynard Keynes's concept on this topic, prophecies can be self-fulfilling.

Indeed, if a company has confidence in the future, it means it is willing to take risks, and therefore willing to invest, hire, and thus revive the economy. The state of boss confidence is therefore essential to the recovery of activity.

And today, according to the survey, the opinions of the leaders of these companies have become positive... which translates directly into facts.

The BPI survey shows that business failures, which have been rising sharply since 2023, are slowing. In total, 65,000 jobs are threatened by these failures, a decrease of 6.5% year-on-year.

But one sticking point remains: household distrust. Indeed, the French lack confidence in the future and prefer to save. Nearly 19% of our income on average in the last quarter, a historic record.

And that's so much money that's not going into consumption, into purchases, into shopping, into sales, into promotions... Result: no recovery or revival of the economy.