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4/14/2020, 8:39 AM (Source: TeleTrader)
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French GDP to contract 8% in 2020 - Le Maire

French Finance Minister Bruno Le Maire stated on Tuesday that the country's GDP is expected to contract 8% this year due to the coronavirus outbreak.

Speaking to BFMTV, Le Maire also noted the French budget deficit is seen at 9% of the GDP in 2020, but stressed the government made a "strategic" choice to have "more debt for less bankruptcies."

Last week, the Bank of France said that the country's economy shrank 6% in the first quarter of 2020 as economic activity dropped 32% amid COVID-19 restrictions. Meanwhile, the French government created a €20 billion fund to help companies deal with the coronavirus impact.

Baha Breaking the News (BBN) / NP