Economics
French Economy’s 2020 Virus Slump Forecast to Exceed 10%
- Bank of France sees output back at pre-crisis level mid-2022
- Unemployment seen reaching a record high of 11.8% in 2021
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French economic output will take two years to recover from the virus-related slump that that will inflict even longer lasting damage on the labor market, the country’s central bank said.
The Bank of France report shows that even with robust growth in the next two years, unemployment will continue rising to reach a record high close to 12% in the first half of 2021 and decline to only 9.7% by the end of 2022. The economy, which will shrink more than 10% this year, will recover to the level reached last year around mid-2022.