As a comparison, the same rate stands at 75% in the USA. The necessary reforms aim, in particular, at eliminating unemployment and poverty traps. For instance, in France, some useful steps have been taken: for example, a series of cuts to employer social security contributions has been implemented in order to reduce labour costs. We must also continue to step up efforts in training and education. The third way of raising potential output growth is to promote ways to boost gains in labour productivity: The rapid transformation of information systems is likely to accentuate the structural transformation of the economy. Although the euphoria of entering a new economic era has faded somewhat, remarkable potential for economic change remains. This may help to boost labour productivity significantly and on an ongoing basis. That strategy should be pursued whilst increasing the overall competitiveness of our economy If I refer to what we observed in the past, the French strategy of competitiveness, which was based on limiting increases in the unit costs of production, gave us a very important advantage. And this competitive advantage for the French economy was transformed into growth, into job creation and into solid external accounts. Thus, in the present situation, it is vital to continue in this direction and to maintain a multi-partisan consensus on this competitive disinflation process. Competitiveness is also linked to European harmonisation in other fields, for example in the service industries.
Table 2  Domestic scenario 2022  GDP Domestic demand Domestic demand (w/o inventory change) Gross fixed capital formation Total consumption Private consumption Goods and services exports Goods and services imports Current account (% of GDP) Gross national savings (% of GDP) Nominal GFCF (% of GDP)  2.4 2.3 3.0 2.8 3.1 2.9 1.4 0.9 -9.0 16.4 24.8  2023 (f) 2024 (f) 2025 (f) Mar.23 MP Dec.22 MP Mar.23 MP Dec.22 MP Mar.23 MP Report Report Report Report Report (annual change, percent) -1.75 / -0.75 -0.5/0.5 2.0-3.0 1.0-2.0 2.0-3.0 -5.3 -4.0 1.7 1.1 2.1 -4.6 -3.0 1.9 0.7 1.9 -5.0 -2.9 -0.2 -0.7 2.3 -4.5 -3.0 2.5 1.1 1.8 -5.9 -3.8 2.5 0.9 1.9 6.0 4.5 3.2 3.7 2.2 -5.4 -6.5 0.9 2.5 0.5 -4.9 -4.0 -4.1 -4.1 -4.0 20.2 18.7 19.8 18.9 19.2 24.3 23.3 23.8 23.2 23.2  (f) Forecast. Source: Central Bank of Chile. 19  Figure 13  Real consumer credit flows  (millions of UFs, moving quarterly average)  40  Rolling credit cards Credit card in installments Loans in installments Overdrafts  Households' financial burden (*)  (percent of monthly income, moving annual average)  20 19  30 18 20  17  10  16  0  15 14 15 16 17 18 19 20 21 22 23  19  20  21  22  (*) Median debtor's financial burden. Monthly income includes labor component (salaried formal) and pension fund withdrawals prorated over six months as from receipt of payment.