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‘France’s economy back to pre-pandemic levels by H1 2022’

by REUTERS

PARIS May 10, 2021 - 11:37 am GMT+3
French Finance and Economy Minister Bruno Le Maire speaks with hotel, restaurant and cafe representatives during a meeting at the Finance Ministry, Paris, France, May 3, 2021. (AFP Photo)
French Finance and Economy Minister Bruno Le Maire speaks with hotel, restaurant and cafe representatives during a meeting at the Finance Ministry, Paris, France, May 3, 2021. (AFP Photo)
by REUTERS May 10, 2021 11:37 am

French Finance Minister Bruno Le Maire said Monday that the French economy will return to the pre-COVID-19 pandemic levels of economic activity by the first half of 2022, while also reaffirming his target of 5% economic growth for this year.

"Economic growth is back in the first quarter ... I think we will have a strong growth in 2021," Le Maire told France Info radio.

He ruled out a second economic stimulus plan on top of France's current 100 billion euros ($122 billion) economic stimulus plan.

Le Maire, added, however, that it was fair to raise the issue of longer-term investment plans for France.

President Emmanuel Macron pointed last week to a "second period of recovery" that would see investment accelerated, triggering speculation in the press and among economists that a second round of stimulus was in the pipeline.

Despite reimposed restrictions to curb a surge in COVID-19 infections, the French economy returned to growth in the first quarter, sustained by consumer spending, official data showed at April end.

Gross domestic product (GDP) edged up 0.4% from the final three months of 2020, a year that saw coronavirus restrictions plunge countries worldwide into historic recessions, the Insee statistics agency said at the time.

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