France will undoubtedly know in 2020 its worst year of economic recession since the end of the Second World War, estimated Monday the Minister of Economy Bruno Le Maire at a hearing by the Economic Affairs Committee of Snat.
The worst growth figure that has been made by France since 1945 is in 2009 after the great financial crisis of 2008: -2.2%. We will likely be far below -2.2% this year, said the minister.
This shows the extent of the economic shock that we are facing, he insisted, with many sectors completely stopping due to confinement.
In its rectified budget adopted in mid-March, the government had initially envisaged a recession of 1% this year, but Bruno Le Maire had a few days later already estimated that the decline in economic activity would be much greater.
According to INSEE, a month of confinement would cost France around 3 points of GDP over a year, and two months of confinement around 6 points.