A dark end to a success story – Rabobank

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In recent years, the French economy has experienced sustained economic growth supported by a growing global economy and strong domestic demand. As with virtually every economy in the world, the arrival of COVID-19 quickly made things sour, by Rabobank.

Key quotes

“On April 30, preliminary quarterly GDP figures will be released. The consensus is that there will be a contraction of around 2%. For 2020 as a whole, we have revised our forecast from 1.1% growth to 4.6% contraction. “

“The French government is sparing no effort to avoid mass layoffs through the adoption of the so-called temporary unemployment scheme. Up to 700.00 companies and 10.2 million employees have applied for this program. If these people were laid off, unemployment would reach 43%. “

“We anticipate a debt ratio of 111% for 2020. If the costs of stimulus packages turn out to be higher than expected or if the foreclosure is extended, that figure could be considerably higher.”

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