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6/2, 8:21 AM (Source: TeleTrader)
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Le Maire: French economy to contract 11% in 2020

French Minister of Economy and Finance Bruno Le Maire said on Tuesday that the government expected the country's gross domestic product (GDP) to shrink by 11% by the end of 2020 as a result of the coronavirus pandemic, contrary to the previously predicted 8%.

Le Maire called the current crisis an "extremely brutal economic shock," but said he was convinced the economy would rebound in 2021 thanks to the government's support schemes. He added that hiking taxes for households to fasten the economic recovery is "out of question."

France's economy shrank 5.3% in the first quarter of 2020 and has been predicted to drop by 20% in the second quarter due to the ongoing crisis.

Breaking the News / JR