France will borrow 270 billion euros from international financial markets next year
The draft of the state budget for 2023 presented today by the French Ministry of Economy predicting, among other things, that France will borrow from the international financial markets in the next year an amount in the order of 270 billion euros, the largest ever borrowed by the French state.
The implementation of a plan for the gradual increase in the retirement age in France, which is expected to trigger the parliamentary debates which will start on October 3rd.
The draft state budget includes measures to protect households from rising inflation. However, speaking to the Economic Affairs Committee of the French National Assembly, the Minister of Economy, Bruno Le Maire, underlined that the logic of taking measures regardless of cost that prevailed during the coronavirus crisis cannot continue because it would lead to a further increase in inflationary pressures, which is not advisable at the present stage. The economy minister also defended his growth forecast for France in 2023, set at 1%, despite estimates from the Organization for Economic Co-operation and Development (OECD), which put it at 0.6%.
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