As per report the French economy is expected to contract 8 per cent this year, the finance minister said on monday, revising the government's outlook for the second time in a week.
“We will have a growth forecast of -8 in the updated budget law,” Bruno Le Maire told BFM tv, revising the estimate down from -6 per cent flagged on Thursday.
Earlier, French President Emmanuel Macron on monday announced he was extending a virtual lockdown to curb the coronavirus outbreak until May 11, adding that progress had been made but the battle not yet won. "Over the next four weeks, the rules must be respected," the president said in a televised address to the nation.He said that by May 11, france would be able to test every citizen presenting COVID-19 symptoms. Meanwhile Confederation of indian industry (CII) on tuesday said it hopes the government will quickly announce measures to support indian industries including Medium and Small Scale Enterprises (MSMEs).
CII representative told that it expects an announcement on relief measures for MSMEs soon. MSMEs have been severely affected by the nationwide lockdown and have already sought help from the government. In its fresh suggestion, CII has asked the government to enhance working capital, extend moratorium on loans along with wage support and immediately release of government dues. Besides, the body has also asked the government to provide, additional funding through MUDRA and other MSME-focussed banks. The industry body also said the extension provides the government with adequate time to organise an "orderly and safe restart" of the economy.
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