EconomyFrench public debt now forecast at 119.8% of GDP...

French public debt now forecast at 119.8% of GDP in 2020

-

- Advertisement -

Bruno Le Maire, Minister of the Economy, Finance and Recovery – S Lemouton – T Da Silva // SIPA

- Advertisement -

Unsurprisingly, the numbers are not going to be good. The measures taken to support economic activity in the face of the new confinement, which entered into force this Friday until at least December 1, will result in a further worsening of French public debt, which should reach 119.8% of GDP in 2020, Economy Minister Bruno Le Maire said on Friday.

“We had forecast for 2020 a debt level of 117.5% of GDP. This figure will rise to 119.8% ”, affirmed Bruno Le Maire in an interview with Parisian, defending spending “which will allow us to bounce back very quickly and accelerate the transformation of the French economy to make it more competitive”.

490 billion euros mobilized

- Advertisement -

These additional expenses, induced by a strengthening of support measures for businesses, will reach 15 billion euros in November alone, the minister had already announced the day before. In total, 20 billion euros will be released to deal with the crisis, over a period of eight weeks, Prime Minister Jean Castex for his part indicated. They will be added to the nearly 470 billion euros mobilized since March.

All these measures have already resulted in a massive increase in deficits and debt, which in June reached 114.1% of gross domestic product, a jump of 12.7 points in three months, unprecedented in the annals of statistics of INSEE.

On Friday morning, the government said it expected the reconfinement to cause an even more serious recession than expected so far: -11% for GDP, against -10% previously projected.

Source

- Advertisement -
spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Diether Vásquez, the pleasant surprise of the Sub 20: How did the interest in your new club, Los Mineros de Zacatecas, come about?

a week ago, the Peru under-20 team fell with Argentina for him South American and he said goodbye to...

Price of the Euro in Peru today: Check the exchange rate for this Friday, February 3

how much is the euro today in Peru? Here we tell you what is the price of this...

Padel returned to Roland-Garros

Padel returned to Roland-Garros. After mid-July last year, the Paris leg of the Premier Padel Tour, the circuit...

Employment of pensioners: employers protest against possible sanctions

This statement had the effect of an exploding bomb in the ranks of employers. Prime Minister Elisabeth Bourne...

Antony Blinken suspends trip to Beijing after detecting that a Chinese balloon flew over the United States

The Secretary of State for USA, Anthony Blinkensuspended his planned trip to Beijing this weekend on Friday, after his...

They are installed on mobile devices and applications: what are security patches and what should you consider when installing them?

They are on our devices mobile, computers and even on video game consoles. Security patches have become one...

Must read

You might also likeRELATED
Recommended to you