The French economy will need two years to recover

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June 10, 2020, 1: 0Paris, June 10 (Prensa Latina) The French economy, affected by the Covid-19 pandemic, will need at least two years to recover, according to a report published on Tuesday by the Banque de France, which predicted a record fall of Product GDP (GDP) in 2020.

“Like the rest of the world, the French economy received an unprecedented blow in the first half of 2020″, due to the suspension of productive activity during the months of containment, says the document on macroeconomic forecasts until 2022 The Banque de France noted that the recovery that started at the end of the quarantine will pave the way for economic recovery in the third quarter, but it will not be enough to avoid an unprecedented recession this year, estimated at 10-11%.”The French economy is recovering fairly quickly from the brutal fall in March, but we are far from being out of danger,” said Banque de France Governor Fran├žois Villeroy.

For this reason, 2021 and 2022 will be years of recovery during which growth could reach 7% next year and 4% in 2022, “establishing the level of economic activity at the end of 2019 in mid-2022”, warns the report.

After a 5.3% drop in GDP in the first quarter, the National Institute of Statistics (INSEE) found that the Banque de France’s forecast for the second half of the year is that economic activity will contract 15%.

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