France lags behind.
France should be the only country in the euro zone not to reduce its public debt by 2028. This is what the International Monetary Fund's report on fiscal policies, published on Wednesday, points to.
Eternal good student, Germany should see its debt drop below the 60% of GDP mark in five years (against 69% in 2021), provided for by European budgetary rules.
On the other hand, the only exception to the good European dynamic of regular reduction of public deficits, France would experience a constant increase in its indebtedness over the same period, to the point of exceeding, in 2028, 115% of debt in relation to GDP. , exceeding the level reached at the height of the pandemic.
Already last year, France's debt has widened by 126.4 billion euros to reach 2,950 billion euros and come close to the symbolic cap of 3,000 billion euros, according to INSEE.
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The French budget is also expected to experience an annual deficit, the ratio between government expenditure and revenue, of between 5.3% and 3.9% of GDP between 2023 and 2028, again according to IMF estimates.
Thus, it would not fall below the 3% mark, a target yet displayed and hammered by the executive for 2027. The stability program (PSTAB), a text intended to present to the European institutions the country's macroeconomic trajectory should be published in the coming weeks.
Globally, the IMF is concerned about a recovery in public debt after two years of decline thanks to the economic recovery and inflation (which inflates tax revenues).
Debt levels reached during the pandemic could be reached again in 2028.