'It's an indication of the amplitude of the economic shock we're facing,' warns French Finance Minister Bruno Le Maire. coronavirus
"The worst growth figure in France since 1945 was -2.2% in 2009, after the financial crisis of 2008. We will probably be very far beyond -2.2%" this year, Le Maire told a Senate panel.
That figure was subsequently revised to a drop of 2.9%, and France is likely to do even worse than that, the finance ministry clarified to Agence France-Presse.France imposed a nationwide stay-at-home order from March 17 after shuttering all nonessential businesses. Officials have said the lockdown will last until at least April 15.
Statistics office Insee said last month that the lockdown has slashed overall economic activity by 35%, and estimated that every month of shutdown would cut annual gross domestic product by 3 percentage points., Insee said, as factories are shut and only a handful of business sectors, such as supermarkets and pharmacies, remain open.
A wave of French blue-chip companies have abandoned their profitability targets for the year, while employers' associations have warned that hundreds of smaller firms and shops risk bankruptcy. (READ:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lebanon calls for financial aid amid virus outbreakLebanon is in the throes of its worst economic crisis since the 1975-1990 civil war. The coronavirus pandemic adds to the country's difficulties.
Read more »
PM Modi, lawmakers agree 30 percent salary cut as India deals with coronavirusNEW DELHI - Indian Prime Minister Narendra Modi and other top government figures will take a 30 percent salary cut this year, a government minister said on Monday, as the country tackles the coronavirus outbreak and its impact on the economy.
Read more »
Triple pay for employees working on April 9 — NWCPThe National Wages and Productivity Commission (NWPC) said on Thursday that the workers who will report for work on April 9 are entitled to 300 percent of their daily salary rate.
Read more »