Tax & Spend
Macron’s Budget Plans Lack Credibility, Fiscal Council Says
- Unprecedented effort needed to get deficit under 3% of GDP
- French watchdog warns of impact of cuts on economic growth
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French President Emmanuel Macron’s plan to get the budget deficit under 3% of economic output by 2027 lacks credibility and would require unprecedented efforts to curb spending, the country’s fiscal watchdog said.
The French government is facing growing fiscal challenges after last year’s shortfall came in much wider than expected due to weaker-than-anticipated economic growth and tax revenues.