## France: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France

_IMF Staff Country Reports, July 12, 2024_

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## Bibliographic details
- Published: July 12, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400281280.002

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### Economic performance and recent shocks
- 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 markets and recent developments
- 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.

### Macroeconomic projections and inflation
- Growth is projected to gradually reach 1.3 percent by 2025 from 0.9 percent in 2024.
- The disinflationary process is on track:
  - Headline inflation expected to reach 2.3 percent in 2024.
  - Inflation expected to return to target in the first half of 2025.

### Risks and uncertainty
- 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.

### Policy recommendations and structural priorities
- 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.

*Source: France: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France (IMF), July 12, 2024.*

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_Source: 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_