France: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France
IMF Staff Country Reports, July 22, 2026
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- France: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France
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Bibliographic details
- Published: July 22, 2026
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229053594.002
Economic performance and recent developments
- The French economy continued to grow at a moderate pace in 2025 despite domestic and external shocks.
- Inflation remained contained in 2025.
- Headwinds from the Middle East war and the energy shock have started to weigh on activity, complicating the authorities’ ongoing fiscal consolidation efforts.
- Presidential elections are planned for early 2027.
Fiscal position, debt, and spending pressures
- High deficit and debt levels are highlighted as central concerns.
- Rising spending pressures identified include defense, population aging, and the digital and green transitions.
- The report underscores the urgency of a credible and well-defined multi‑year strategy to unlock France’s growth potential and support fiscal consolidation.
Policy implications and priorities
- Priority: design and implement a credible, well-defined multi‑year fiscal consolidation strategy.
- Priority: adopt measures to unlock growth potential to support medium-term fiscal stability.
- Address identified spending pressures (defense, aging, digital and green transitions) within the multi‑year strategy.
Risks and external factors
- External shocks: Middle East war and energy shock are already weighing on activity.
- Modest growth dynamics combined with high public debt amplify vulnerability to shocks.
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