Foreword  3

Basic statistics of France, 2025  7

Executive summary  8

1 Putting public finances on a sustainable path while boosting long-term growth  17

1.1. Economic activity is set to remain subdued amid heightened uncertainty  18

1.2. Putting public finances on a sustainable path  24

1.3. Raising productivity, employment and medium-term economic growth  42

References  49

2 Ensuring quality and efficient long-term care  55

2.1. Challenges in meeting long-term care needs are set to increase  56

2.2. Enhancing the quality of long-term care while limiting fiscal pressures  58

2.3. Boosting the efficiency and financing increases in long-term care spending  64

References  73

3 Supporting climate change mitigation and adaptation  77

3.1. Meeting mitigation and adaptation goals  78

3.2. Accelerating emission reductions to remain on track to net-zero goals  79

3.3. Strengthening resilience and adapting to climate-related risks  85

References  94

4 Strengthening industrial competitiveness  99

4.1. Addressing economic and strategic risks has revived industrial policy  100

4.2. Industrial policy challenges: strengthening resilience and competitiveness  100

4.3. Rethinking policies to support industrial cost competitiveness  109

4.4. Strengthening the effectiveness of policies supporting industrial innovation  113

4.5. Strengthening economic resilience  120

4.6. Maximising the value of human capital  125

References  134