French economy to shrink by 8% in 2020, government estimates

French economy to shrink by 8% in 2020, government estimates

The French government expects the economy to shrink by 8 percent in 2020, according to Finance Minister Bruno Le Maire.

he budget deficit will also balloon to around 9 percent of GDP, as the government pumps €100 billion into its economic rescue plan. These latest forecasts come after President Emmanuel Macron announced some French shops and businesses would be allowed to re-open after May 11, but bars, restaurants and hotels would remain closed to limit the spread of Covid-19.

In his televised address, the French president also called for a massive cancellation of African debt to help financial efforts to combat the virus there.

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