French President Nicolas Sarkozy is meeting with unions on Wednesday in an attempt to reach an agreement on economic stimulus plans and prevent more protests due to the country's increasing unemployment and declining growth. Over a million people protested across France recently, demanding pay raises and job protection during the economic downturn. Trade unions are planning another protest next month. Sarkozy's 26 billion euro stimulus plan has primarily focused on public spending projects rather than providing direct assistance to consumers and workers. Unions and the political left are urging him to change his approach, as a television appearance following the protests last month only served to weaken Sarkozy's support even further. In Saturday's edition of Le Figaro newspaper, which has close ties to Sarkozy, he was quoted as saying that the outcome of his five-year term is in jeopardy. The French economy experienced a significant decline in the last quarter of 2008, with a 1.2 percent drop in GDP, the largest in 34 years, due to decreased exports and retailers reducing their stock. Unemployment also rose by 11 percent in December compared to the previous year. Protests have disrupted Guadeloupe and Martinique in the French Caribbean, as well as Reunion in the Indian Ocean, with demands for higher minimum wage and lower food and fuel prices. There are concerns that these protests may spread in the current tense atmosphere, as indicated by a recent poll showing that 63 percent of respondents believe similar protests could occur on the mainland. The opposition Socialists are putting pressure on Sarkozy before the "social summit" by calling for a 1 percentage point cut in value-added tax and a 3 percent increase in the minimum wage to stimulate consumer spending. Despite economists and unions advocating for these measures, Sarkozy is reluctant to implement them, leading to the possibility of more protests. Socialist Dider Migaud criticized France for not taking immediate action to boost purchasing power, which is seen as essential for economic growth. Sarkozy, on the other hand, believes that any increase in public debt should be for future investments rather than consumer spending. He may point to the recent increase in household consumption as evidence that further stimulus measures are unnecessary. Britain reduced its value-added tax by 2 percentage points, a decision that was criticized by Sarkozy in his television address. This move was seen as ineffective by Sarkozy, causing tension with Downing Street. Despite this, Sarkozy is open to considering other measures such as lowering low-level income tax and increasing unemployment benefits. However, his employment minister and social affairs adviser remain against raising the minimum wage, believing it to be an outdated idea that could harm struggling businesses.