FX.co ★ France unlikely to avoid recession

The French government does not hold out much hope for early economic recovery after easing quarantine restrictions. Even the full lifting of restrictive measures and the victory over the coronavirus pandemic will not provide the country with a quick return to its previous economic indicators. In any case, the economic crisis will be full-blown, and the country will not be able to avoid recession. "The economy practically ground to a halt for three months. We’re going to pay for it with growth," Finance Minister Bruno Le Maire said, adding that France is experiencing an extremely brutal economic shock. According to the Ministry, the most challenging period for the country's economy and its social sphere lies ahead. It warns that a full recovery is possible not earlier than next year. Due to the COVID-19 pandemic, France’s GDP is expected to decline by 7.2 percent by the end of 2020, while the European economy is anticipated to contract by 7.5 percent this year.