For a long time, the French economy has been relatively sheltered from global crises. It was obvious in the Franco-German couple. In 2008-2009, the great recession that followed the financial crash resulted in a 5.1% drop in 2009 GDP in Germany (gross domestic product which measures the total production of products and services, private and public ) while France suffered a decline of 2.9%, almost twice less. This is no longer the case this time. According to the new outlook presented last week by the IMF, Germany should record a 7% decline in 2020 in its GDP while it will reach 7.2% in France (Bercy is even more pessimistic and expects a fall of 8%).
Read also: Will France be able to borrow at rates close to zero for a long time?
And yet the two traditional factors of French resilience are still present. First of all, it is less dependent on international trade, French exports being two and a half times less than those of Germany. Now again
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