“Our forecasts point to 10 percent contraction of the GDP this year. It may be better, for (us to) hope to regain pre-COVID 19 activity level in early 2022,” the head of France’s central bank told Paris Match magazine.
“The shock is very severe. Such a brutal recession had not occurred since 1945. Economic activity fell by more than 30 percent at the worst of the crisis. But this plunge will be temporary, provided that the consequences are well managed,” he added.
The French government is mobilizing 460 billion euros (542 billion United States dollars), representing 20 percent of the country’s GDP, to help companies stay afloat through the coronavirus outbreak. The fund consists in large part of tax and payroll charge deferrals, in addition to specific plans to rescue the worst-hit sectors, such as tourism and auto industry.
An additional 100 billion euros will finance the economic recovery plan which aims to support notably strategic manufacturing activities and encourage clean industries and green technologies.
“The state cannot do it all, nor do it alone. It is essential to restore the confidence of businesses and households. It is the key to a relatively rapid recovery,” the BdF governor said. (1 euro = 1.18 United States dollar)
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