The government indicated on Thursday that it wanted to accelerate France’s debt reduction and public deficit reduction by 2027, thanks to lower public spending and more dynamic economic growth.
“We want to speed up the reduction of France’s debt,” declared the Minister of the Economy and Finance, Bruno Le Maire, when presenting the new road map for public finances for the coming years.
“France’s European credibility is at stake,” he warned at a press conference.
The public deficit below 3%
The public deficit should fall firmly below the 3% of gross domestic product (GDP) set by the European Union budget rules: 2.7% in 2027 against a forecast of 2.9% so far.
After reaching 4.7% in 2022, it should rise slightly this year (4.9%) before starting to gradually decline from 2024.
Deleveraging will also accelerate, with debt representing 108.3% of GDP (compared to 111.6% at the end of 2022), a ratio several points lower than previously forecast.
Source: BFM TV
