French economy to rebound to pre-crisis levels by 2022, minister says

# 12:50
23 July 2020

The French economy is on course to rebound by 8% next year and should return to pre-crisis levels by 2022, French Finance Minister Bruno Le Maire said on Thursday, APA reports citing Reuters.

Le Maire told the National Assembly recent economic data had been “satisfying but too fragile” for now to change forecasts for an economic contraction this year of 11%, the worst since modern records began.

“I won’t resign myself to a -11% recession. If we step up the measures that we have already decided and make sure they are implemented well, we can do better than -11% in 2020,” Le Maire said to open a debate on the public finances.

The government has committed more than 460 billion euros ($533 billion) in public funds to supporting the economy. Most will come in the form of state-guaranteed loans and tax breaks to help companies cope with a slump in business.