HEALTH-CORONAVIRUS-FRANCE-ECONOMY: Coronavirus: French growth could drop below 1% in 2020, says Le Maire
PARIS (Reuters) – The growth of the French economy in 2020 could be less than 1% due to the coronavirus that appeared in December in China, said Bruno Le Maire on Monday.
“The impact will be severe on French growth in 2020 (…) this impact will be of the order of several tenths of points of GDP”, said the French Minister for the Economy on France Inter, recalling that it previously forecast 1.3% growth in gross domestic product this year.
“We can perfectly consider being below 1 point of GDP in 2020”, he added, calling for a “general mobilization” in Europe to mitigate the economic impact of this health crisis.
“Europe (…) is faced with its responsibilities, it must provide proof of its political usefulness and effectiveness, so I expect a strong, massive, coordinated response from Europe,” said Bruno Le Mayor, by announcing that he would propose to his European counterparts, at their next meeting scheduled for March 16, a “series of fiscal and budgetary measures making it possible to define a massive European recovery plan which will allow us to revive the economic machine overnight of the crisis “.
“We must decree the general mobilization. We must work on a recovery plan which can go through fiscal measures, budgetary measures, tax cuts so that as soon as the epidemiological crisis is last us, we can relaunch the economical machine. “
(Jean-Stephane Brosse and Bertrand Boucey, edited by Blandine Henault)