French Finance Minister Bruno Le Maire announced a reduction in France's 2024 economic growth forecast from 1.4% to 1%, citing slower growth at the end of 2023 and a weak outlook for the first part of 2024, during an interview on TF1 television. The decision is attributed to the impacts of the Ukraine and Middle East conflicts, as well as economic slowdowns in China and Germany. Alongside the revised growth forecast, Le Maire detailed plans to cut government spending by €10 billion across all ministries, emphasizing that these cuts will not result in tax increases and that state agencies will contribute to budget savings. He described the 1% growth forecast as 'reasonable and solid'. These measures are part of President Emmanuel Macron's broader strategy to address France's deficit-ridden public finances, which faces challenges due to the revised economic outlook. Additionally, France likely exceeded its budget deficit target in 2023, further complicating fiscal management. In response to the economic slowdown, France and Germany have proposed reducing EU norms, rules, directives, and regulations, which they argue are hindering business growth and economic expansion. Meanwhile, Macron has committed to providing an additional €3 billion in military assistance to Ukraine.
FT: "“Lower growth means lower tax receipts, so the government must spend less,” finance minister Bruno Le Maire said in a news conference announcing the new measures." So fiscal policy must be pro-cyclical? https://t.co/gQg6UfD5DB via @ft
France tightens budget as economic growth slows https://t.co/v2JjDcQLDw
France and Germany to propose reducing EU norms that hurt growth https://t.co/RKBceEidpx via @Newsbaum_ https://t.co/Il769piNEF
France likely overshot its budget deficit target in 2023, a finance ministry official said on Monday. https://t.co/BTeOenZd4f
Bloomberg: Finance Minister Bruno Le Maire lowered France’s 2024 economic growth forecast to 1% and announced plans to cut spending by €10 billion. Meanwhile, this year #Macron will provide additional military assistance to #Ukraine amounting to 3 billion euros. This comes after… https://t.co/wO98PmiSqy
France and Germany to propose reducing EU "norms, rules, directives and regulations" they say are holding back businesses and harming growth https://t.co/u4CA55k0uP
French economic overhaul stumbles as growth slows, government announces spending cuts https://t.co/sWGgwo45xS https://t.co/RTjUtu4djF
France Shrinks 2024 Economic Growth Outlook To 1% - EuroNews https://t.co/hMJQSjrA2a
🔴 FRANCE'S FINANCE MIN. LE MAIRE: THE 1% 2024 GDP GROWTH FORECAST IS “REASONABLE AND SOLID".
Macron’s bid to revamp the French economy falters as growth slows https://t.co/tb6Ha7ZXFk via @WHorobin @tarapatelparis https://t.co/UNr3z6hYec
President Emmanuel Macron’s plan for restoring France's deficit-ridden public finances is running into difficulties after the government cut the outlook for economic growth https://t.co/JgI1AuJV91
France lowers its 2024 economic growth forecast to 1% https://t.co/D8Rhl7R0N6 via @tarapatelparis @WHorobin https://t.co/6joJDVUsB5
Finance Minister Bruno Le Maire lowered France’s 2024 economic growth forecast to 1% and announced plans to cut spending by €10 billion https://t.co/sPnhkuHCHR
🔴 FRENCH FINANCE MINISTER LE MAIRE ANNOUNCES ON TF1 TV: STATE AGENCIES TO CONTRIBUTE TO BUDGET SAVINGS
🔴 FRENCH FINANCE MINISTER LE MAIRE ANNOUNCES 10 BILLION EURO SPENDING CUTS ACROSS ALL MINISTRIES ON TF1 TV
🔴 FRENCH FINANCE MINISTER LE MAIRE: STATE BUDGET REQUIRES ADDITIONAL €10 BILLION IN SPENDING CUTS ON TF1 TV
🔴 FRENCH FINANCE MINISTER LE MAIRE: NO TAX INCREASES, SAYS ON TF1 TV
🔴 FRENCH FINANCE MINISTER LE MAIRE: LOWER GROWTH DUE TO UKRAINE AND MIDDLE EAST CONFLICT, CHINA AND GERMANY SLOWDOWN
🔴 FRENCH FINANCE MINISTER LE MAIRE: FRENCH 2024 GDP GROWTH FORECAST LOWERED TO 1% FROM 1.4% ON TF1 TV
🇫🇷 (Reuters) - French Finance Minister Bruno Le Maire will announce a lower government growth forecast for 2024 in an interview on TF1 television on Sunday evening, French media reported. They said that due to slower growth at the end of 2023 and a weak outlook for the first… https://t.co/dnGdU049uM