PARIS: French Finance Minister Pierre Moscovici said on Sunday that France's economy was expected to grow just 0.1 percent this year, revising downward an official target as the country struggles to get back on its feet.
The French government had initially forecast 0.8 percent growth in 2013 for the eurozone's second largest economy, which continues to battle rising unemployment, stagnant growth and a stubborn budget deficit.
Speaking on Europe 1 radio, Moscovici also predicted growth for 2014 at around 1.2 percent.
For 2015, "I think French growth will get back to a cruising speed that will enable it to create jobs," he said, pointing to an expected growth of 2 percent.
His 2013 prediction confirms those already made by the European Commission and Organisation for Economic Cooperation and Development( OECD), which both forecast that the French economy would manage to grow by just 0.1 percent this year.
Moscovici already said last week that he "feared" growth in France would be around that figure, and Sunday's announcement confirmed this.
Last month, French President Francois Hollande insisted that the country's promised turnaround was still on course, despite near record unemployment, a drop in household purchasing power and thousands of layoffs.
indiatimes.com
The French government had initially forecast 0.8 percent growth in 2013 for the eurozone's second largest economy, which continues to battle rising unemployment, stagnant growth and a stubborn budget deficit.
Speaking on Europe 1 radio, Moscovici also predicted growth for 2014 at around 1.2 percent.
For 2015, "I think French growth will get back to a cruising speed that will enable it to create jobs," he said, pointing to an expected growth of 2 percent.
His 2013 prediction confirms those already made by the European Commission and Organisation for Economic Cooperation and Development( OECD), which both forecast that the French economy would manage to grow by just 0.1 percent this year.
Moscovici already said last week that he "feared" growth in France would be around that figure, and Sunday's announcement confirmed this.
Last month, French President Francois Hollande insisted that the country's promised turnaround was still on course, despite near record unemployment, a drop in household purchasing power and thousands of layoffs.
indiatimes.com
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