France has witnessed four weeks of unending demonstrations against issues like fuel tax increases, rising cost of living and several other factors that could be devastating for the national economy as per predictions of French finance minister. President Emmanuel Macros will announce measures to handle this crisis this week as around 1200 protestors have been taken into custody from the 125000 protestors that roamed the across the city of Paris breaking shop fronts, burning cars and creating mayhem. Finance Minister Bruno Le Maire stated that the situation was like a crisis for both society and democracy as extensive damage was done to public and private property during each protest march.
Deputy Mayor Emmanuel Gregoire insisted that the last protest was the most destructive but there were fewer injuries. President Macron is expected to address the nation after a long meeting with trade unions and business leaders as till date he has kept a low profile during the protests. Though economic cost of the damage and looting caused during demonstrations were severe till date the details have not been calculated. According to early reports cumulated by Le Parisien newspaper around 50 vehicles were burnt during the unrest while dozens of shops were vandalized and looted.
City authorities stated that millions of pounds worth of damages have been done as France’s retail federation told news agencies that retails lost around $1.1 billion since the series of protests began during mid-November. Restaurant trade in the city too has declined by 20 to 50 percent after the slew of protests began. Head of confederation of small and medium businesses Francois Asselin told press that overall damages caused to his members were around € 10 billion. There were concerns that these ongoing protests would lead to a sharp drop in the nation’s tourism that would affect Paris the most as during 2017 the city was visited by nearly 40 million people.