France is facing a major political and financial crisis, with its economy slowing, national debt soaring, and political leadership in turmoil. President Emmanuel Macron’s government has seen five prime ministers in just two years, signaling deep instability at the heart of the French Republic.

Macron has tasked outgoing Prime Minister Sébastien Lecornu with holding emergency talks aimed at easing tensions and finding a path forward.

France’s national debt now exceeds 114% of GDP, or $3.9 trillion, while the budget deficit has ballooned to 5.8%. Servicing that debt will cost more than $70 billion this year — a figure greater than what the country spends on nearly every sector except education and defense.

Despite heavy government spending — with public expenditure at 57% of GDP — citizens are feeling the pinch. Hospitals are understaffed, universities underfunded, and protests over wages and reforms continue to grip the country.

Macron’s 2024 decision to dissolve parliament backfired, leaving France trapped in a three-way political deadlock between his centrist alliance, the far-right National Rally, and the left-wing France Unbowed. The result is a nation struggling to govern itself amid growing economic uncertainty.

Analysts warn that France’s long-standing social welfare model — built on subsidies, benefits, and public jobs — may no longer be sustainable. Unless Macron can restore public trust and political unity, France’s crisis of confidence could deepen even further.