Connect with us

Foreign

French economy likely to contract 11 pct in 2020 due to coronavirus: minister

Published

on

The French economy, the second-largest in Europe, is expected to contract by 11 percent this year due to the impact of the coronavirus pandemic as the nearly two-month lockdown had paralyzed businesses and hit demand, Economy and Finance Minister Bruno Le Maire said on Tuesday.

The minister had previously estimated the French economy to shrink by 8 percent for 2020.

Growth in France in 2020, let’s say rather the recession — the term is more appropriate, will be at minus 11 percent,” Le Maire told French commercial radio network RTL.

The minister said “the toughest is ahead” because “the shock of the crisis has been extremely violent in France” and economic activities were at a halt for nearly three months.

On March 16, French President Emmanuel Macron announced nationwide confinement for 15 days, starting at noon on March 17. This was extended twice and ended on May 11, when France cautiously started a gradual process to return to normalcy, easing some restrictions while maintaining others to avoid a new epidemic wave.

“The shock is very brutal. We must take all the measures to relaunch growth in 2021. I have the absolute conviction that the strategy we have adopted will allow us to rebound strongly in 2021,” he added.

Le Maire ruled out an increase in taxes to compensate for a surge in public spending to mitigate the economic fallout of the pandemic. He reiterated that the government’s plan to kickstart the economy was based on massive support to the hardest-hit sectors to avoid bankruptcies and modernize ways of production to bolster competitiveness and spur growth.

Since May 11, France has step by step returned to normality, allowing most businesses to go back to work after a nationwide lockdown.

On Tuesday, which marks the start of the second phase of de-confinement, 300,000 restaurants and cafes are allowed to receive customers, allowing 500,000 workers in the sector to resume their work.

The French government had also greenlighted museums, parks, beaches and religious sites to reopen, while theatres and swimming pools remained shut down in “orange” areas where the virus circulates faster than in low-risk regions.

(XINHUA)

Nnn: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Contact US: editor @nnn.com.ng, nnnnews247 @gmail.com

Google to invest $10bn in India Zindzi Mandela, daughter of Nelson Mandela, has died – ANC  Nigeria’s unclaimed dividends hit N158.44bn in 2019 NAFDAC solicits support against fake, unwholesome products in Borno Coronavirus guidelines: FRSC arrest 1,460 drivers in Lagos Ekiti Govt, CIPM collaborate on capacity devt NDLEA files drug trafficking charge against 25-year-old man Israeli minister calls for return to lockdown Food Security: IAR&T makes research into increasing seed longevity top priority Stakeholders call for completion of Obehie-Ukanafun road Elvis Presley’s grandson dies aged 27 Unilorin lauds appointment of Adaramaja as APC guber screening committee member Coronavirus: NMA warns against lackadaisical attitude to safety measures Association distributes food items to 180 teachers, securitymen in private schools Alibaba’s Jack Ma sells $8.2 bn worth shares, stake dips to 4.8%: filing Saudi coalition destroys drones, missiles of Yemeni rebels Alphabet’s Google commits $10 billion to India Manchester City’s ban from European football overturned – CAS 64 suspects linked to online hate after murder of German politician Japan, United States discuss jump in Coronavirus cases at United States military bases SUBEB,World bank train 5,691 teachers on teaching skills in Bauchi Nelson Mandela’s daughter Zindzi has died in Johannesburg Obiano’s aide urges Anambra residents to protect govt’s facilities Vietnam to resume some flights to China, Japan, S. Korea and Taiwan Mali government criticised by UN, EU for lethal response to protests World risks another virus like Coronavirus if wildlife crimes not stopped – UNODC Coronavirus: FCT Perm Sec tests negative, resumes work Army rescues kidnapped victims, recovers weapons in 3 states Nigeria treated, discharged 13,447 Coronavirus patients S. Africa issues night-time curfew as coronavirus cases rise Delta Govt debunks report directing aides, workers for Coronavirus status Fire crews battle San Diego navy ship fire, 18 sailors injured Leganes beat Valencia to stay alive in La Liga, Eibar pull clear of drop zone Kenya’s Coronavirus cases pass 10,000 mark Kwara records 19 fresh cases of Coronavirus, discharges 12 patients Indonesian military conducts drill near border with Malaysia Tunisian parties seek to oust parliament speaker as Islamists want new government FG to review Air agreement with UK, others over landing right withdrawal Kenya intensifies hunt for six poachers behind death of wildlife Overflow of Qua Ibom River: Ibeno community sends SOS to FG Bournemouth boost EPL survival hopes as they stun Leicester Daycare center in N. Finland to close due to Coronavirus cases OYSG rakes N394m cash donations to tackle Coronavirus NUJ Chapel commiserates with Gov. Tambuwal over Abdulkadir’s death Trezeguet double gives Aston Villa lifeline win over Crystal Palace Nigeria presents voluntary national review report on SDGs to UN FRSC confirms 5 died, 2 injured in Enugu road crash Bayelsa Gov. canvasses more support for primary healthcare Archbishop’s wife cautions girls against indecent dressing Army recovers 711 cows, 592 sheep from bandits