France Cuts 2021 Economic Growth Rate to 5%

France Economy Minister Bruno Le Maire claims the country’s economy will only grow by 5% in 2021, a downward revision from the earlier forecasted 6% economic growth rate for the year. The Minister attributed this downward revision to the third wave of the pandemic which has forced France and other European nations back to lockdown measures.

The Minister made this announcement during a newspaper interview with Le Journal Du Dimanche (JDD). Nonetheless, Le Maire said once conditions are favorable the country will bounce back on its feet.

In the last month, new coronavirus infections have been rising rapidly resulting to increased numbers of patients in intensive care units and high dependency units across the country’s healthcare facilities.

The government ordered schools and non-essential stores such as clothing chains to be closed down for a minimum period of four weeks to curb the spiking number of new infections.

So far, bars, restaurants and other recreational facilities across France have remained closed down for months now the tourism industry has also remained affected for the longest time since the pandemic kicked in.

According to the finance ministry, these latest restrictions will result to temporary shutdown of about 150,000 businesses. Recovery measures due in April will amount to 11 billion euros.

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