French Economy To Shrink 11% This Year – Minister
French Finance and Economy Minister Bruno Le Maire gives a press conference following his meeting with employers and professionals organisations at the Economy Ministry in Paris on December 3, 2018. ERIC PIERMONT / AFPThe French economy is expected to shrink 11 percent this year because of the coronavirus crisis, a “brutal” shock and worse than the government’s previous forecast of an eight percent contraction, Finance Minister Bruno Le Maire said Tuesday.
The business closures and confinement orders to halt the COVID-19 pandemic had left the economy gasping for air, he said, warning that “the hardest part is still ahead of us.” Last week, the official statistics agency INSEE warned that the economic contraction would be much larger than the government’s previous estimate of eight per cent, because the pickup as the virus lockdown was eased would only be gradual across the second half of the year.
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