American Investor Confidence in France Hits Lowest Level Since 2017

The confidence of American investors in France has sharply declined to its lowest point since 2017, according to recent surveys by the American Chamber of Commerce in France (AmCham). Both the AmCham-Bain barometer and a separate AmCham annual survey reveal growing concerns about political instability, regulatory hurdles, and economic outlook that are affecting France’s attractiveness as an investment destination.

The AmCham-Bain study, published on February 18, 2026, found that 94% of American investors view France’s political and institutional environment as posing moderate to significant risks over the next year. More than half (55%) of respondents have a negative perception of the French economy, marking a 9-point rise from 2025 and a stark 45-point increase since 2022. Positive views have plummeted to just 16%, down 9 points from last year and 54 points from 2022. This represents a major setback for the pro-business policies promoted by President Emmanuel Macron and successive government leaders.

Similarly, a survey covering 140 American companies found that only 30% of executives hold a positive view of France, a dramatic decline from 64% in 2022. The survey highlighted that 77% of respondents doubt the government’s capability to carry out necessary reforms. The timing of these surveys coincided with political turmoil, notably the French government’s use of Article 49-3 to push through the 2026 budget without a parliamentary vote, deepening investor unease.

In response, Nicolas Forissier, Minister of Foreign Trade, stated that although perceptions have deteriorated, they have not yet led to a drop in actual investment flows.

American investors also view France less favorably compared to other European nations. Germany is praised for strong public finance management, while Italy and Spain are recognized for effective structural reforms and vibrant economic growth. The erosion of trust in France threatens to undermine its economic appeal on the European stage unless political stability and reform progress are restored.

AmCham vice president Marc-André Kamel emphasized that the significant progress made since 2017 is now at risk. The findings underscore the urgent need for transparent governance and credible reform measures to regain investor confidence.

As of February 18, 2026, these surveys signal a critical moment for France’s investment climate, with the government facing pressure to address the challenges that are undermining its economic standing among key foreign investors.