Political and Budgetary instability fuels a sense of uncertainty

This 26th edition gives us pause for thought. France’s fundamentals remain strong. However, the confidence of American investors is at a historically low level.

The figures speak for themselves:

• 55% of investors surveyed believe that the economic situation has deteriorated this year.
• Only 17% expect an improvement over the next two to three years — the lowest level in ten years. 
• France’s NPS remains very negative at –36%.
• What is worrying today is not a sudden economic collapse. It is political and budgetary instability (cited by 78% of  respondents), which fuels a sense of unpredictability.

Investors also point out three other major weaknesses:

1. Labor costs (cited as a weakness by 81%).

2. Taxation (“It is not taxation alone that worries us, but its uncertainty.”)

3. Administrative complexity, with the administrative burden having exploded in recent years and has become a kind of “paper tax” that limits corporate competitiveness and undermines attractiveness.

In practical terms, this is beginning to influence decisions and generate a wait-and-see approach… at the very moment when European competition is intensifying: Germany, Italy, and Spain are becoming more attractive.

But — and this is essential — France retains key differentiating strengths: talents, infrastructure, and market depth remain widely recognized. And 77% of investors praise the quality of our innovation ecosystem.

For business leaders, the message is clear: France is not off the radar. It retains its foundation of attractiveness. But in a competitive and uncertain environment, stability and clarity are becoming decisive competitive advantages.

The AmCham’s 5 recommendations to preserve France’s attractiveness