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French Climate Barometer

2009
Une baisse de moral historique des investisseurs américains en France

Les results of the Bain-AmCham Barometer 2009

Barometer results: Optimism after the storm
Paris, November 19, 2009
American investors in France are more pessimistic than they have ever been since 1999,
with only 11% of respondents believing that economic prospects are improving. Yet, a short
and mid-term optimism is clearly expressed: 63% think the financial crisis is behind them or
will be by the end of 2009. These findings are part of the tenth annual AmCham-Bain 2009
Barometer conducted by the American Chamber of Commerce in France jointly with the
consulting firm Bain and Company. This year, the crisis is perceived as worse than what was
expected after the 2008 Barometer. In 2008 39% of respondents anticipated that the
economic situation would worsen in 2009. When asked in 2009, the number rises to 67%
for the current year. This collapse follows a sharp fall in 2008 after the highest peak in 2007
(when 58% of respondents anticipated an improving economic situation).
Prospects for 2010-2011 are positive in the Barometer; yet, signals are still mixed.
Only 19% of respondents believe the economic situation will worsen in 2010 and 2011. In
2009, 52% answered their workforce had been reduced in 2009. Only 16% expect to do so
in 2010-2011. But while 45% expect an upturn in business, 42% felt more neutral about
conditions after the crisis.
The study also points to relatively safe business conditions in France compared to other
markets. Four out of five believe that the French subsidiary of their group has suffered
from the crisis. However, 83% regard their subsidiary as less impacted than other countries.
“Banking system reliability makes a noticeable entry on the top 5 of French assets,” said
Jean-Claude Gruffat, Amcham Chairman, and CEO of Citibank.
Overall, the Barometer shows criteria related to cost and procedure of layoffs are becoming
more crucial, as well as banking system reliability. While France is highly valued for its
Banking institutions, its labor regulations are seen as a weakness. But according to Bertrand
Pointeau, Bain & Company partner and AmCham Treasurer: “It is encouraging to see that
surveyed companies anticipate the end of the crisis earlier than predicted, even regarding
employment.”
Other key facts from this year’s Barometer:
• After the French government has launched a stimulus plan in December 2008 (“le
plan de relance 2008”)
- Eighty-four percent believe the nature of the measures taken “fits” or
“perfectly fits” the crisis.
- For 76%, the scale of these measures is proportionate to the crisis.
- The relative attractiveness of France remains unchanged for 67% or
respondents
• Seventy-seven percent see France on par or ahead on environmental policies
compared to the others countries in the European Union
• Policies on agriculture, highways, CO2 emissions and transport are less appreciated
than measures in favor of eco-friendly buildings, green tax policy, and sustainable
energy
• The popularity of Barack Obama announced in the 2008 Barometer was confirmed
- 98% believe that his election will have a “positive” or very positive impact on
the image of the United States in France
• 82% believe that Nicolas Sarkozy’s election has a positive impact on image of France
in the United States
- One-in-three respondents thinks that business between France and the United
States will be favourably influenced by relations between the two presidents

Présentation de L’Amcham en quelques chiffres

Fondée en 1894 – la Chambre de Commerce Américaine est la plus vieille organisation américaine d’affaires du monde
Actuellement regroupant 400 membres américains et français, dont 40 du US Fortune 100, les membres représentent plus de 90% des emplois américains en France
150 entreprises multinationales
n°1 des investissements étrangers en France
plus de $29 milliards d’exportations aux U.S. venant de la France
l’investissement américain en France représente plus de
€ 48 milliards – contre € 35 milliards en 1999
470 000 emplois directs et 1 650 000 emplois indirects
99 % des entreprises américaines en France sont dirigées par des Français

Présentation de bain & company

Bain & Company est un des leaders mondiaux du conseil en stratégie et management, présent sur les cinq continents. Depuis sa création en 1973, Bain privilégie la mise en œuvre de ses recommandations et l’obtention de résultats concrets. Bain a travaillé avec plus de 3900 groupes ou entreprises et a acquis une vaste expérience des problématiques stratégiques auxquelles sont confrontées les entreprises de tous les secteurs d’activité. Créativité, rigueur de l'analyse, pragmatisme des recommandations développées avec ses clients sont les éléments clés de l’approche de Bain & Company. Symbole de son engagement auprès de ses clients, Bain propose, lorsque la nature de la mission le permet, de lier une partie de sa rémunération aux résultats obtenus. Cette approche a propulsé Bain dans le trio de tête du conseil mondial.
Le succès de Bain se mesure uniquement à l’aune de la réussite de ses clients.

Contacts presse :

Amcham :
Oliver Griffith - tél 01 56 43 45 61 – mail oliver.griffith@amchamfrance.org

Bain & Company :
Flore Larger, Image 7 - Tel : 01 53 70 74 91 - Email : Flarger@image7.fr
Caroline Detalle - Tel: 01 44 55 75 75 - Email: caroline.detalle@bain.com

Bain AmCham Baromter 2009 French Version
Bain AmCham Barometer 2008 French Version
Bain AmCham Barometer 2008 English Version
Bain AmCham Barometer 2007
Bain AmCham Barometer 2006

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French Climate Barometer