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French economy to contract by 11% this year: warns the finance minister

French economy to contract by 11% this year: warns the finance minister

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The French economy is expected to contract by 11% this year due to the coronavirus crisis and national containment measures to contain the virus, Finance Minister Bruno Le Maire said on Tuesday, June 2nd.

 

We were hard hit by the virus, we took effective measures to protect French people’s health but the economy practically ground to a halt for three months,” Le Maire said Tuesday on RTL radio.

 

We’re going to pay for it with growth,” he said, adding that a budget update being prepared would forecast a contraction of 11% versus one of 8% forecast previously.

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Read also > FEBRUARY AND MARCH 2020 : THE LOCKDOWN OF THE CHINESE WEIGHS ON THE ZERO-RATING MARKET IN FRANCE AND EUROPE

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