The latest economic forecasts issued by the Bank of France have suggested the French economy may take up to two years to return to the pace of growth before the Coronavirus pandemic.
The forecasts are as follows:
- The French economy is likely to contract by 10.3% in 2020.
- The economy may grow by 6.9% in 2021 and by 3.9% in 2022.
- France witnessed a contraction of 15% on a quarterly basis in Q2 2020, after falling 5.3% in Q1.
- The French job market has lost about a million jobs since the beginning of the year, with unemployment peaking 11.8% in the first half of the year.
- French economic activity is down 17% from normal levels at the end of May, with a fall of 12% predicted for June.
