Public accounts remain severely degraded

At first glance, this is good news.

With a more vigorous recovery than expected by the government (6% growth in 2021, then 4% in 2022), tax revenues should be better than anticipated (+ € 19 billion) and public accounts recover more. quickly.

The executive thus forecasts a public deficit of 4.8% of GDP next year (instead of 5.3%), after 8.4% this year.

See also

A very spending budget criticized from all sides

However, there is nothing to celebrate.

Already degraded before the pandemic, public finances have since plunged into bright red, with a debt that will reach 114% next year, against 115.6% in 2021. Deemed alarming by many experts, including Pierre Moscovici, the first President of the Court of Auditors, this situation raises the question of the medium-term sustainability of public finances.

Covid debt

Clearly, the government will not be able to count on the ultra-accommodating policy of the ECB ad vitam aeternam.

At one point or another, rates in the financial markets

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