France: 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for France
IMF Staff Country Reports, July 31, 2009
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- France: 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for France
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Bibliographic details
- Published: July 31, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451813722.002
Macroeconomic impact and outlook
- The global financial crisis and the contraction of world trade pulled the French economy into a severe recession and put its financial sector under strain.
- Structural features combined with early policy action have helped soften the downturn.
- Executive Directors noted the near-term economic outlook remains challenging.
- GDP growth is expected to decrease by 3 percent in 2009.
Fiscal and debt concerns
- Directors stressed that safeguarding medium-term fiscal sustainability is a key priority for the coming years.
- Avoiding unsustainable debt dynamics is highlighted as an essential policy objective.
Policy implications and priorities
- Maintain policies focused on preventing a deeper downturn, leveraging the mitigating effect of early policy actions.
- Prioritize measures to secure medium-term fiscal sustainability and prevent unsustainable public debt trajectories.
- Monitor financial sector strains and apply targeted support as needed to preserve financial stability.
Classification and topical focus
- Subjects noted: Banking; Credit; Expenditure; Financial institutions; Fiscal policy; Fiscal stance; Fiscal stimulus; Loans; Money; Public debt.
- Keywords included: authority; CR; Credit; economy; Europe; Fiscal stimulus; Global; government boost; government level; government support; ISCR; Loans; pension regime; staff; support to the economy.
International Monetary Fund. France: 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for France (IMF Staff Country Reports 2009, 232).
Content in this bundle
- Economic Developments