PARIS: France is facing its deepest recession since the end of World War II because of the widespread lockdown to stem the coronavirus crisis, Finance Minister Bruno Le Maire warned Monday.
That figure was subsequently revised to a drop of 2.9%, and France is likely to do even worse than that, the finance ministry clarified to AFP.France imposed a nationwide stay-at-home order from March 17 after shuttering all nonessential businesses. Officials have said the lockdown will last until at least April 15.
Services, heavy industry and construction are all taking big hits, Insee said, as factories are shut and only a handful of business sectors, such as supermarkets and pharmacies, remain open.
Preordained!
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