French Finance Minister: recent strikes unlikely to hurt economy

More than a million people marched through French cities on Thursday to denounce President Emmanuel Macron's plans to raise the retirement age, with a wave of nationwide strikes halting trains, blocking refineries and curbing power generation. Trade unions have called for a new day of nationwide protests on Jan. 31, but the government has shown no sign of backing down.

Recent strikes in protest at plans to raise the French retirement age are unlikely to hurt the country's economy, Finance Minister Bruno Le Maire told Bloomberg TV on Friday.

"I don't think the strikes will have a really important economic impact on the French economy," said Le Maire at the World Economic Forum in Davos, adding that the French economy was "doing well". More than a million people marched through French cities on Thursday to denounce President Emmanuel Macron's plans to raise the retirement age, with a wave of nationwide strikes halting trains, blocking refineries and curbing power generation.

Trade unions have called for a new day of nationwide protests on Jan. 31, but the government has shown no sign of backing down. "We strongly believe this reform is a necessity for France. It is the best way of ensuring more prosperity for the French people," Le Maire said, though he said the government would have an "open" mindset regarding talks over the change.

The pension reform plan would see most people in France work an extra two years up to the age of 64. The reform still needs to go through parliament, where Macron has lost his absolute majority but is hoping to get it passed with the support of conservatives.

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