French Finance Minister Bruno Le Maire has announced €10 billion of spending cuts across all government departments and agencies to make up for a drop in the 2024 GDP growth forecast to 1 percent, from 1.4 percent.
"It is a growth forecast that remains positive, but takes into account the new geopolitical context," Le Maire said Sunday in an interview with TF1 television, citing the wars in Ukraine and Gaza and problems with sea transport in the Red Sea, along with a “marked economic slowdown” in China, and a “recession in 2023 in Germany”, both top trading partners.
