Texas Governor Greg Abbott recently said that the economy of Texas will exceed that of France. He mentioned his prediction to business leaders last week. According to our analysts, it is a possible outcome, but it will take time. Although the French government is struggling in the current period, France remains the second-largest economy in Europe and can reinvent its fortunes, as history shows.
Texas Governor Greg Abbott told business leaders in Dallas, “Texas is going to surpass France when the new numbers come out, and we will have the seventh-largest economy in the world.”
In 2023, France reported a gross domestic product of over $3 trillion, while Texas said its GDP for the year was about $2.6 trillion. The Lone Star State could require a 17 percent increase to catch up with France currently, but surpassing France in the future is possible, and CWEB outlines some of the reasons why it thinks Abbott’s prediction could come true.
France has been facing political turmoil these past few years due to ideological differences between the far right, far left, and centrist parties. The Paris headquarters of the nation has seen new Prime Ministers who barely last for months, let alone years. This affects the nation’s economy as there is difficulty in passing budgets.
On the other hand, Texas has been a red state for more than a decade and has continuity in economic policies. The state welcomes businesses with its policies of expanding from traditional industries and welcomes newer technology.
Texas is the largest oil and gas driller and saw some decline after the advent of electric vehicles. However, President-elect Donald Trump promised to encourage drilling and petroleum-based industries after he came to power, which could lead to an industrial boom.
Texas also has large swathes of land. The land-to-human ratio is one of the highest in the nation. This is also an important factor that can encourage further industrialization, as the Lone Star State already has several other business-friendly policies.
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