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.