“Any positive economic effects of the coronavirus vaccines will not be felt until the end of 2021,” the member of the Governing Council of the European Central Bank (ECB) and director of the Bank of France said on Monday. Francois Villeroy de Galhau, in an interview with France Inter radio.
His comments came after the Bank of France publish its economic forecasts.
According to the entity, GDP in 2020 will fall to -9%, while in 2021 and 2022 it will grow by 5%, reducing in 2023 to 2% (In the previous forecasts, growth was respectively -8.7% in 2020, + 7.4% in 2021 and + 3% in 2022) ”.
“The economy will return to pre-crisis levels in mid-2022“according to the French central bank.
“The unemployment rate will peak at 11% in the first half of 2021 before falling to around 9% by the end of 2023, “he concluded.
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