French President Nicolas Sarkozy is meeting with unions on Wednesday in an attempt to reach an agreement on economic stimulus plans and prevent further protests due to increasing unemployment and declining growth. Over a million people protested in France recently against Sarkozy's policies, demanding higher wages and job security during the economic downturn. Unions have planned another protest next month. Sarkozy's 26 billion euro stimulus plan has mainly focused on public spending projects rather than directly aiding consumers and workers, leading unions and the political left to urge him to reconsider his approach. A television appearance following the protests did not help improve Sarkozy's support. According to Saturday's edition of Le Figaro, which is known for its close ties to Sarkozy, the President expressed concerns about the potential impact on his five-year term. 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. Unemployment also rose by 11 percent compared to the previous year. Protests in Guadeloupe, Martinique, and Reunion have been fueled by demands for higher minimum wage and lower prices for food and fuel. There is a growing worry that these demonstrations could spread to the mainland, as indicated by a recent poll showing 63 percent of respondents believe they may occur soon. The opposition Socialists are putting pressure on Sarkozy by proposing a 1 percentage point cut in value-added tax and a 3 percent increase in the minimum wage to stimulate consumer spending before the "social summit" on Wednesday. Despite calls for action from national unions, Sarkozy has been hesitant to boost consumer spending, leading to concerns about potential protests. Socialist Dider Migaud criticized France for not taking immediate action to improve purchasing power, a move supported by economists. Sarkozy argues that increasing public debt should only be done for investments in the future rather than for consumer spending, which has traditionally driven French growth. He may point to the recent increase in household consumption as evidence that consumers are already spending. Britain reduced its value-added tax by 2 percentage points, a decision that was criticized by Sarkozy during a television address. This move was seen as unproductive by Sarkozy, causing tension with Downing Street. Despite this, Sarkozy has expressed willingness to explore alternatives such as lowering low-level income tax and increasing unemployment benefits. However, his employment minister and social affairs adviser remain opposed to raising the minimum wage, citing concerns that it could negatively impact struggling companies. Employment Minister Laurent Wauquiez described it as an unrealistic idea that could lead to business closures.