France described as ‘new sick man of Europe’

France has been described as the ‘new sick man of Europe’ amid unrelenting economic problems in the country.

According to a survey by financial data provider Markit which was published on Monday, French monthly Purchasing Managers’ Index, known as PMI, fell to a seven-month low of 47.0 in December.

Referring to the comprehensive study, which included a large number of European Union (EU) countries, Markit’s chief European economist Chris Williamson said, “It’s the unbalanced nature of the upturn among member states that is the most worrying. France looks increasingly like the new sick man of Europe.”

Meanwhile, France’s INSEE statistics agency said in a report released earlier this month that unemployment rate in the country has hit a 16-year high in the third quarter of 2013, putting more pressure on the French government in its battle to get joblessness under control.

The agency said the jobless rate jumped in the third quarter to 10.9 percent from 10.8 percent in the previous three months.

The rise in the unemployment rate brought it closer to an all-time high of 11.2 percent registered in France in 1997.

In an attempt to lower the country’s huge debt load, the French government has increased taxes and implemented several reforms and spending cuts. However, the measures have proven unproductive since the financial crisis in the eurozone has not been resolved and the bloc is still bogged down in economic downturn.

Europe is struggling with an economic crisis that erupted in early 2008, leaving millions unemployed and in financial distress.

The worsening debt crisis has forced EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered massive protests in many European countries.