New health restrictions are forcing the government to review its growth, debt and deficit forecasts

"Closing schools and 150.000 shops is essential to curb the circulation of the virus. But these measures will have an impact on the French economy", explained the minister.

The new growth rate expected at 5% remains "a very high ambition", in particular while the French GDP had contracted by 8,2% in 2020, but "mechanically", the revision of this forecast "has an impact on the deficit and the debt, "said the minister on Sunday during an LCI-RTL-Le Figaro television program.

"We estimate the public deficit for 2021 at 9%, instead of the 8,5% which had been entered in the initial finance bill and we estimate that the public debt will fall from 115% to 118% in 2021", declared Mr. Le Maire.

Slowness

Before initiating a possible new recovery plan, Mr. Le Maire wants to "continue to rapidly disburse the 100 billion euros" of the program announced in September, of which he wants to spend half by the end of 2021.

The Minister of the Economy took the opportunity to castigate again the slowness of certain countries to ratify the European recovery fund of 750 billion euros.

"France was to receive 5 billion in July. It is unfortunately unlikely that we will receive this amount on that date," he regretted.

Anyway, "I want to reassure the French: we have no difficulty raising debt on the markets, at very low interest rates. The European Central Bank has confirmed that it is maintaining its policy. monetary support for the economy, "he noted.

He reiterated that the debt should be repaid after the crisis, which he said will be possible thanks to "strong growth, better control of public operating expenditure and the pursuit of structural reforms - starting with that of pensions" .

The French economy should "rebound faster and stronger when health restrictions are lifted," the minister predicted, recalling that it had gained 18% in the third quarter of 2020.

The total cost of aid is estimated at 11 billion euros in April, Bruno Le Maire reminded the JDD, adding that "the presidential promise of + whatever it costs + will be kept". This support policy will be continued "as long as the health crisis lasts", he stressed.

"Solid fundamentals"

The end of public aid will be gradual, he promised on Sunday: "We will do things gradually, so as not to brutalize anyone. We have been able to protect companies in the crisis, we will be able to support them out of the crisis."

"In certain sectors which will remain permanently affected, such as aeronautics, support will be maintained", noted the Minister.

"Believe me, our fundamentals are solid. We will be able to bounce back (...) We remain an attractive nation," he insisted.

In the meantime, Bruno Le Maire has focused on certain support measures for traders affected by the new restrictions. In particular, like restaurants, they will be able to receive aid of up to 200.000 euros per month.

"We will also compensate a part of their unsold stocks", he indicated, while the high rents of the companies "will be supported within the limit of 10 million euros".

In addition, the government is currently exploring new avenues to encourage the French to mobilize the enormous mass of savings accumulated - voluntarily or not - since the start of the health crisis, which "amounts to approximately 130 billion euros - more than the recovery plan, "Le Maire told the JDD.

"To stimulate consumption, we are working on the possibility for parents and grandparents to help the youngest financially, without tax or tax, to compensate for the absence of internships or odd jobs," added the minister.