PARIS -The French authorities will current revised financial development forecasts by early July, Finance Minister Bruno Le Maire mentioned on Wednesday, including that he didn't foresee a recession.
The present forecast sees the economic system rising by 4% in 2022.
“There might be a revision of the expansion determine. I'll do this revision after I current the amending finance legislation at finish June-early July,” Le Maire instructed France Inter radio.
Knowledge this week confirmed the French economic system unexpectedly shrank within the first quarter as customers struggled to deal with surging inflation that reached a record-high charge of 5.8 p.c over 12 months in Could.
Le Maire repeated his view that inflation had reached a “peak” in France and would keep at a excessive stage for a number of extra months earlier than progressively lowering.
“By end-2023, we should always see a progressive decline of inflation. We may have an inflation round 2% in direction of end-2023,” he mentioned.
It was the duty of the European Central Financial institution to take progressive motion to deliver down inflation, he mentioned, including: “If the financial coverage doesn't change, we won't deliver down inflation to a extra cheap stage of round 2%.”
Inflation throughout the 19-country euro zone accelerated to eight.1% this month from 7.4% in April.
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