The French economy contracted by 5.8 percent in the first quarter of the year. Thus, the French economy experienced its worst quarter since 1949, when measurements began. The slump shows the dramatic effect of the corona crisis on the country’s economy. It should be noted that the impact of the crisis only really took hold on public life in the last weeks of March due to the lockdown measures.
The virus outbreak has hit economies worldwide. In China, for example, there was a contraction for the first time in years and the period of unbridled growth also ended in the United States.
The IMF expects the global economy to shrink by 3 percent this year. In the euro area, this will be a 7.5 percent contraction. Spain and Italy are coming lower on Thursday with data on gross domestic product. The European Central Bank (ECB) will issue its interest rate decision in the afternoon.
About the author: Rick Culpepper
Rick Culpepper is of those journalists who dig the topic to the very bottom. He is often late with the delivery of the piece, but always does it perfectly. In his spare time, he collects data for one of the most high-profile investigations of corruption in the EU.