Bank of France: Economy to return to pre-crisis levels only in 2022

The latest Bank of France economic forecasts showed that the economy will likely take two years to return to its pre-coronavirus pandemic growth.

Key highlights

French economy to contract 10.3% in 2020, grow 6.9% in 2021, 3.9% in 2022.

French economy seen contracting 15% QoQ in Q2 after slumping 5.3% in Q1.

French economy seen shedding nearly 1 million jobs in 2020, unemployment to reach a record 11.8% in the first half 2021.

French economic activity operating down 17% from normal levels at end-May, less than 12% possible in June.