Economic crisis: "We have already left the 'whatever-it-costs'”, Bruno Le Maire claims

Published by Elodie D. · Updated on 25 August 2021 at 17h38 · Published on 25 August 2021 at 16h21
Is Macron’s “whatever-it-costs” alreadt over? This Wednesday August 25, when meeting entrepreneurs, Bruno Le Maire claimed so. According to the Minister of the Economy, "now the French economy is resuming, we have 6% growth prospects, the 'whatever-it-costs' is over", happy to have "protected jobs, limited bankruptcy waves, avoided unemployment wave, and a crisis worthy of the 30's". He added: "we have moved to custom-made, we will keep on supporting those who need us to", including an appointment on August 30.

It was dreaded. The return to “normality” in the managing of the public finances. The French President has been trying to reassure French companies and households since March 2020 with a magical sentence, “whatever it costs”, to show the State is behind the French and is taking on a debt in their shoes. This Wednesday August 25, the Minister of the Economy clearly claimed this magical sentence was no longer relevant, as the economy is resuming with a GDP growth expected to reach 6%.

After his introduction speech as the LaREF, the MEDEF summer meeting, the minister said "the French economy is doing well and works at 99% of its pre-crisis level" thanks to the committment of French employees and companies.

The minister does not intend to forget about sectors that are still struggling with Covid, with case-by-case solutions, and encourages entrepreneurs to "create richness, employment, without the support of the State".

The Covid-19 crisis will cost, between 2020 and 2022, a total of 424 billion euros to the French State, between the lack of tax revenues and exceptional expenses related to the health crisis, such as the solidarity fund and part-time work. According to Minister Delegate for Public Accounts Olivier Dussopt, experts are entrusted with building alternative scenarios to control the public debt within five to ten years, depending on the growth previsions for the years to come, and 2020's ultimate debt. The Minister guarantees the reimbursement will take place over time, for several years, through reforms, growth, and control of the public debt.

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