French President Nicolas Sarkozy is meeting with unions on Wednesday in an attempt to reach an agreement on economic stimulus plans and prevent additional protests due to increasing unemployment and declining growth. Over a million people protested across France recently, demanding pay increases and job protection in light of the economic downturn. Unions have planned another protest for next month. Sarkozy's 26 billion euro stimulus plan has mainly focused on public spending projects rather than assisting consumers and workers directly, leading to criticism from unions and the political left. Despite a television appearance following the protests aimed at reassuring the public, Sarkozy's support has continued to wane. In an article in Saturday's edition of Le Figaro newspaper, which is known to be close to Sarkozy, he was quoted as expressing concern over the potential impact on his presidency of the results of his five-year term. The French economy experienced a significant decline in the last quarter of 2008, with GDP falling by 1.2 percent, the largest drop in 34 years. This was attributed to a decrease in exports and reductions in stock by retailers, while unemployment rose by 11 percent compared to the previous year. Strikes have caused disruptions in the French Caribbean islands of Guadeloupe and Martinique, as well as to a lesser extent in the Indian Ocean island of Reunion, with demands for higher minimum wage and lower prices for food and fuel. There are concerns that these protests could escalate in the current tense atmosphere. A recent poll by IFOP for the regional newspaper Sud-Ouest indicated that 63 percent of respondents believed that such protests could soon occur on the mainland. The opposition Socialists are putting pressure on Sarkozy before the "social summit" by proposing a cut in value-added tax and a rise in the minimum wage to boost consumer spending. Despite economists and unions calling for action to increase purchasing power, Sarkozy is hesitant to implement measures that would increase public debt for consumer spending. He argues that the focus should be on investments for the future, rather than short-term stimulus. However, recent GDP figures show an increase in household consumption, indicating that consumers may not need additional encouragement to continue spending. Britain has reduced its value-added tax by 2 percentage points, a move which was criticized by Sarkozy in a television address. This angered Downing Street. Sarkozy has mentioned potential measures such as reducing low-level income tax and increasing unemployment benefits. However, his employment minister and social affairs adviser reiterated their opposition to raising the minimum wage, stating that it is not a viable solution and could lead to businesses going out of business.