France will undoubtedly know in 2020 its worst year of economic recession since the end of the Second World War due to the coronavirus, estimated Monday the Minister of Economy Bruno Le Maire at a hearing by the Committee on Economic Affairs of the Senate.
“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 are likely to be far beyond "this year," said the Minister.
Less GDP points for each month of confinement
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.
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 3 points of GDP over a year, and two months of confinement around 6 points.
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- Coronavirus
- Growth
- Bruno Le Maire
- Economy