## France: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France

_IMF Staff Country Reports, January 26, 2022_

## Source details

**Canonical URL:** [France: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France](https://www.imf.org/en/publications/cr/issues/2022/01/25/france-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-512171)

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## Bibliographic details
- Published: January 26, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400201172.002

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### Key findings
- A strong economic recovery is underway in France, bolstered by progress on vaccination, strong fiscal support and solid private sector led investment.
- Employment has recovered to above pre-crisis levels.
- Unemployment is virtually stable.
- Inflation is increasing, mainly driven by a rise in energy prices but also due to supply-chain disruptions.
- The public deficit and debt ratio surged in 2020, reflecting the large amount of emergency support deployed and the drop in activity.

### Economic indicators and drivers
- Employment: "recovered to above pre-crisis levels" (qualitative statement from source).
- Unemployment: "virtually stable" (qualitative statement from source).
- Inflation: "increasing, mainly driven by a rise in energy prices but also due to supply-chain disruptions."
- Public finances: "public deficit and debt ratio surged in 2020" due to "the large amount of emergency support deployed and the drop in activity."
- Recovery supports: progress on vaccination, strong fiscal support, and solid private sector led investment are cited as principal bolstering factors.

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_Source: https://www.imf.org/en/publications/cr/issues/2022/01/25/france-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-512171_