French economy to shrink by 8% in 2020, government estimates

Putin Plans $14 Billion Stimulus as Pressure Mounts for Spending

Putin Plans $14 Billion Stimulus as Pressure Mounts for Spending

The French government was forced to revise its economic and financial forecasts for the second time in less than a week after President Emmanuel Macron extended the lockdown to combat the coronavirus.

The extension would put additional strain on public finances, blowing the public sector budget deficit out to a post-war record of 9 per cent of GDP, up from 7.6 per cent last week, budget minister Gerald Darmanin told France Info.

"Our nation has by no means seen such a deficit since World Battle Two", Gérald Darmanin advised France Data radio as he introduced the most recent determine, up from the 7.6 % forecast exclusively final week.

"Each day, each week of confinement... is worsening our public finances", he said, adding that France's debt pile would soar to 115 percent of GDP, up from just under 100 percent previous year.

The public deficit is projected at around 9 percent of GDP with debt at 115 percent in 2020.

Cuomo Orders All New Yorkers To Wear Face Coverings In Public
Cuomo said conducting such testing will identify people who have already been infected with COVID-19 and who have since recovered. For some, especially older adults and people with existing health problems, it can cause more severe illness or death.

But EU officials have already signalled the rules will be suspended as governments scramble to contain the economic fallout and prevent mass bankruptcies and layoffs.

Finance Minister Bruno Le Maire said the extension meant that a budget update to be presented on Wednesday would now include a forecast that the economy will contract by 8% this year instead of the -6% estimated last Thursday.

Le Maire on Tuesday told BFM television the new GDP forecast would be included in a new 2020 budget program set to be unveiled this week.

The whole quantity of this rescue fund would now attain seven billion euros, he mentioned. The IMF said it will be the worst recession since the Great Depression. The IMF acknowledged, nevertheless, that prospects for a rebound subsequent yr are clouded by uncertainty.

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