{
  "title": "France: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France",
  "publication": "IMF Staff Country Reports, July 12, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/07/12/france-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-551772",
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  "summary": "The 2024 Article IV Consultation with France discusses that strong and timely policy response helped cushion the impact of the coronavirus disease 2019 pandemic and the energy crisis resulting from Russia’s war in Ukraine.",
  "sections": [
    {
      "heading": "Economic performance and recent shocks",
      "content": "- Strong and timely policy response helped cushion the impact of the coronavirus disease 2019 pandemic and the energy crisis resulting from Russia’s war in Ukraine.\n- Despite a recovery slowdown in 2023, the French economy has remained relatively resilient amid financial tightening and weaker euro area external demand.\n- The crisis response and slower-than-expected recovery have weighed on public finances, with a sizable fiscal underperformance in 2023 reducing fiscal space at a time of rising investment needs for the green and digital transformation."
    },
    {
      "heading": "Financial markets and recent developments",
      "content": "- Financial conditions started improving in early 2024.\n- Market pressures on sovereign spreads and stock markets rose in early June following the European elections amid political uncertainty."
    },
    {
      "heading": "Macroeconomic projections and inflation",
      "content": "- Growth is projected to gradually reach 1.3 percent by 2025 from 0.9 percent in 2024.\n- The disinflationary process is on track:\n  - Headline inflation expected to reach 2.3 percent in 2024.\n  - Inflation expected to return to target in the first half of 2025."
    },
    {
      "heading": "Risks and uncertainty",
      "content": "- The outlook remains subject to high uncertainty.\n- Heightened political fragmentation and policy uncertainty domestically could delay fiscal consolidation and reform efforts, weighing on confidence and public finances.\n- Ongoing geopolitical and economic transitions underpin persistent downside and policy-execution risks."
    },
    {
      "heading": "Policy recommendations and structural priorities",
      "content": "- The French authorities should continue to advance structural reforms to support jobs and raise productivity.\n- Fiscal consolidation and reform efforts should be pursued in a timely manner to restore fiscal space while accommodating rising investment needs for the green and digital transformation.\n\nSource: France: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France (IMF), July 12, 2024.\n\n---\n\n Content in this bundle\n\n- 1fraea2024001-print-pdf\n  - 1fraea2024001-print-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1fraea2024001-print-pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 12, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400281280.002",
    "Strong and timely policy response helped cushion the impact of the coronavirus disease 2019 pandemic and the energy crisis resulting from Russia’s war in Ukraine.",
    "Despite a recovery slowdown in 2023, the French economy has remained relatively resilient amid financial tightening and weaker euro area external demand.",
    "The crisis response and slower-than-expected recovery have weighed on public finances, with a sizable fiscal underperformance in 2023 reducing fiscal space at a time of rising investment needs for the green and digital transformation.",
    "Financial conditions started improving in early 2024.",
    "Market pressures on sovereign spreads and stock markets rose in early June following the European elections amid political uncertainty.",
    "Growth is projected to gradually reach 1.3 percent by 2025 from 0.9 percent in 2024.",
    "The disinflationary process is on track:",
    "The outlook remains subject to high uncertainty.",
    "Heightened political fragmentation and policy uncertainty domestically could delay fiscal consolidation and reform efforts, weighing on confidence and public finances.",
    "Ongoing geopolitical and economic transitions underpin persistent downside and policy-execution risks.",
    "The French authorities should continue to advance structural reforms to support jobs and raise productivity.",
    "Fiscal consolidation and reform efforts should be pursued in a timely manner to restore fiscal space while accommodating rising investment needs for the green and digital transformation.",
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