Asia Bizz: France Pulls Down Growth Forecast For 2011
France’s Senior finance ministers and the President, at a meeting, have decided that they will be cutting down the forecast for economic growth for the year 2011. The economists and financial analysts think that France will grow by only 2% next year, which they had predicted to be 2.5%.
The government said that this year it will be growing by or to 1.4%. Nicholas Sarkozy has asked his ministers to take out ways and solutions on how France can overcome the financial deficit it is facing. Sarkozy and his men felt that France needs at least €100 billion in savings if it has to bring down the deficit rate from 8% to 3% which has been set up by the EU, and it has to be done by 2013.
But as a result to bring the country out of the deficit pit, he has said that he will be cutting down national expenditures, but will not increase any of the taxes. France has been in the Global meltdown position since almost half a decade.
Read more on BBC
