The French government ruled out on Monday the risk of an economic recession in the wake of the war in Ukraine and soaring energy prices.
The beginning of Emmanuel Macron’s second five-year term will be marked by a ” good economic situation“, assured Olivier Dussopt, Minister Delegate in charge of Public Accounts, quoted by the media.
« We are not at risk of a recession in 2022“, he said on BFM Business, the day after the re-election of the outgoing president.
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Despite the war in Ukraine, which weighs on prices, particularly of raw materials, and drives global inflation, “we have a significant growth overhang, the Banque de France has quantified it at +2.8%“, indicated the Minister Delegate.
In mid-April, the central bank had indicated that it expected growth of 2.8% in France this year in a scenario called “degraded“, with prices for oil, natural gas and wheat even higher than today, and 3.4% in the scenario called “conventional».
«The tax revenue we are seeing month-by-month is slightly higher than our forecast, a testament to the strength of our economy“, he added, insisting moreover on the fact that the commitments of Emmanuel Macron for his second five-year term – equivalent to “fifty billion euros of expenditure– were “funded”.
(With MAP)