This is an encouraging message that the Governor of the Banque de France launched on Sunday, July 5. François Villeroy de Galhau says French economic recovery is happening ” a little better “ than the institution he heads had recently planned.
“I’m not saying at all that we are out of the woods, this is a very serious crisis. In addition, its effects on employment are staggered in time, so they are coming, but the recovery is going at least as well as we expected, and even a little better. ”, he said on LCI.
Mr. Villeroy de Galhau has lifted the veil a little on the trend that will be given Tuesday, during a point on a new estimate of French growth in the second quarter. “I don’t have all the figures yet, we will give them on Tuesday morning”, he argued.
A recovery curve in “bird wing”
After initially forecasting a rise in growth to “- 12% end of June”, he estimated, on Sunday, that “It will be better than that”, counting on a slightly better figure than the – 15% forecast for the second quarter.
Throughout the year, “The latest trends confirm our figure, it will be – 10% or even – we will make a revision in September – maybe a little better”, concluded the governor.
He described a recovery curve “In a bird’s wing” : after a “Brutal dive, we go back like a half-V at the beginning, but then it will gradually flatten out because it will take more time to return to the initial level, that of before March. “ François Villeroy de Galhau expects a pace comparable to that experienced before the crisis, “Probably in 2022, at the start of the year or mid-year”.
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