As a result of the containment and the crisis caused by the Covid-19, France will undoubtedly know in 2020 its worst year of economic recession since the end of the Second World War, estimated on Monday the Minister of Economy Bruno Le Maire during 'a hearing by the Senate Economic Affairs Committee. "The worst growth figure that has been made by France since 1945 is in 2009 after the great financial crisis of 2008: -2.2%. We will probably be far beyond" this year, said The Minister.
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"This shows the extent of the economic shock"
This figure of -2.2% corresponded to the first assessment at the time. It had been revised later to -2.9%, detailed the minister later, and France will also do less this year, it was said in Bercy. "This shows the extent of the economic shock that we are facing," insisted Bruno Le Maire, with many sectors completely stopped due to confinement.
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A month of confinement would cost France three points of GDP over a year
In its rectified budget adopted in mid-March, the government had initially envisaged a 1% recession this year, but Bruno Le Maire had a few days later already estimated that the decline in economic activity would be much greater. According to INSEE, a month of confinement would cost France around three points of GDP over a year, and two months of confinement around six points.