French economy to return to pre-crisis levels only in 2022 -central bank

MG News | June 09, 2020 at 12:12 PM GMT+05:00
June 9, 2020: France's economy will take two years to recover from its worst post-war recession, triggered this year by the coronavirus outbreak, the central bank said on Tuesday.
The euro zone's second-biggest economy is on course to contract 10.3% this year, before it bounces back with growth of 6.9% in 2021 and 3.9% in 2022, the Bank of France forecast.
Nearly a million jobs are likely to be shed this year and unemployment could climb to a new record of 11.8% in the first half of 2021.
The central bank said the outlook could be brighter if the virus is quickly brought under control, while a second wave of infections could plunge the economy into a 16% downturn this year followed by growth of only 6% in 2021 and 4% in 2022.
The forecasts did not take into account the potential impact of a recovery plan that the government aims to announce in the coming months.
President Emmanuel Macron put France under one of the most stringent lockdowns in Europe in mid-March, effectively shutting down large swathes of the economy until restrictions began to be lifted on May 11.
As of the end of May, economic activity was still running 17% below normal levels, though up from the 32% reduction seen during the first two weeks of lockdown in March, the central bank estimated. Business surveys suggested activity could get back to less than 12% of normal levels this month, it added.
Nonetheless, the time spent under lockdown meant that the economy probably contracted 15% in the second quarter from the previous three months, when it had already slumped 5.3%, the Bank of France estimated.
Reuters
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 134,299.77 290.06M |
0.39% 517.42 |
ALLSHR | 84,018.16 764.12M |
0.48% 402.35 |
KSE30 | 40,814.29 132.59M |
0.33% 132.52 |
KMI30 | 192,589.16 116.24M |
0.49% 948.28 |
KMIALLSHR | 56,072.25 387.69M |
0.32% 180.74 |
BKTi | 36,971.75 19.46M |
-0.05% -16.94 |
OGTi | 28,240.28 6.19M |
0.21% 58.78 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 118,295.00 | 119,450.00 115,635.00 |
4425.00 3.89% |
BRENT CRUDE | 69.29 | 69.35 68.55 |
0.65 0.95% |
RICHARDS BAY COAL MONTHLY | 97.50 | 0.00 0.00 |
1.10 1.14% |
ROTTERDAM COAL MONTHLY | 108.75 | 108.75 108.75 |
0.40 0.37% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 |
0.00 0.00% |
CRUDE OIL - WTI | 67.27 | 67.37 66.50 |
0.70 1.05% |
SUGAR #11 WORLD | 16.30 | 16.43 16.20 |
0.04 0.25% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|