France is Expecting its Worst Recession Since World War II
In 2020 France will undoubtedly experience its worst year of economic recession since the end of World War II. This was forecast today by Economy Minister Bruno Le Maire during a hearing in the French Senate's Committee on Economic Affairs.
Since 1945, the worst growth figure reported by France has been in 2009, after the major financial crisis in 2008 - minus 2.2 percent. This year we will probably be well below 2.2%, said the minister, quoted by AFP.
This is indicative of the magnitude of the current economic shock that we are facing, he added, amid a series of completely stopped sectors because of the quarantine introduced in the fight against the onset of the new coronavirus epidemic.
In its adjusted budget, adopted in mid-March, the government initially expected a 1% recession this year, but just days later, Bruno Le Mer commented that economic downturn was likely to be much larger.
According to the National Economic and Statistical Institute, a quarantine month is likely to cost 3 points of the country's gross domestic product in one year, and two months - nearly 6 points.
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