Vulnerable sectors are likely to sink further, including retail, aviation, tourism and hospitality, which make up over 10 percent of economic activity.
“He had hoped by now to be celebrating an economic recovery from the first lockdown.” “Macron did not want to be here,” Mujtaba Rahman, the managing director for Europe at London-based Eurasia Group, said in a note to clients ahead of the announcement. The government has calculated that 60 billion euros is lopped off economic activity for every month in which a total lockdown is active. Still, he acknowledged it would have a severe impact on businesses that have already grown cash poor because of previous restrictions to curb the virus.įrance is expected to report on Friday a jump in growth during the third quarter, when summer vacations helped fuel a temporary economic revival.īut those figures will likely be eclipsed by the new lockdown, economists warned. The new lockdown, which will begin Thursday night, would still allow essential sectors to keep operating, and it won’t be as severe as the country’s two-month nationwide quarantine earlier this year, when the entire country was shut in, Mr. “You can’t have a prosperous economy when you have the virus circulating throughout the country,” he said. He pledged substantial financial support to prevent a wave of bankruptcies and layoffs from rippling through the eurozone’s second-largest economy. Macron said the virus had rapidly resurfaced “everywhere” in France, and that requiring businesses to close and people to shelter at home was the only solution to curbing the pandemic. Philippe Lopez/Agence France-Presse - Getty Imagesįrance was bracing for a fresh blow to its beleaguered economy as President Emmanuel Macron reimposed a nationwide lockdown through December to prevent an alarming surge of coronavirus cases from spiraling out of control. French officials expect the new lockdown will have a severe effect on many businesses. As with all such advisory services, past results are never a guarantee of future results.Shoppers on Wednesday in Bordeaux, France. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. None of the blogs or other sources of information is to be considered as constituting a track record. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. Educate yourself on the risks associated with foreign exchange trading and seek advice from an independent financial or tax advisor if you have any questions.įOREXLIVE™ is not an investment advisor, FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. You could lose some or all your initial investment do not invest money that you cannot afford to lose. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. Leverage creates additional risk and loss exposure. Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
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