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Coronavirus crisis will cost France 424 billion euros in three years

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govt_24buzzfeed

The French government’s spending on the coronavirus crisis in three years will amount to 424 billion euros, according to figures made by the minister of Labor Olivier dusoupet and confirmed by the Agence France Presse to the minister of Finance. These include subsidizing the salaries of temporarily laid-off people, the Solidarity Fund and helping companies struggling to survive. The public debt is expected to rise as much as 118 percent this year and the budget is running a deficit of 9 percent, two records since the World War.

 

The coronavirus pandemic will cost France about half a trillion euros in three years due to increased spending and lower tax revenues, Minister of Labor and Public Accounts Olivier dusoupet told Le Figaro newspaper.

 

The minister said the health crisis cost the state about 158 billion euros in 2020, a figure that is expected to rise to 171 billion in 2021, before falling back to 96 billion in 2022.

 

These figures, confirmed by the French finance ministry to AFP, bring the total estimated cost of the pandemic to 424 billion euros (دولار 504 billion) between 2020 and 2022.

 

These include subsidizing the salaries of temporarily laid-off people, the Solidarity Fund and helping companies struggling to survive.

 

France resorted to borrowing heavily during three nationwide public shutdowns to prevent the economy from collapsing.

 

Public debt is expected to reach 118 percent of GDP this year and the budget deficit to reach 9 percent, two records in the post-war era.

 

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