President Emmanuel Macron has announced a new law that would free French Islam from 'foreign influences.' Photo: Reuters

France’s economic problems have mounted over the last decade, referred to by some as the Lost Decade, and incoming President Emanuel Macron will need to turn things around fast lest the country face dire consequences, reports Bloomberg.

The national debt is close to 100% of GDP, with country’s public debt burden more than that of the much larger German economy. The debt is ballooning as the country spends more on social services than any other OECD member, and the country’s aging population weighs more heavily than in other countries.

Beyond these challenges, France must cope with higher taxes and labor costs, the latter of which Macron has identified as a priority.