France takes drastic measures due to slowing economic growth

The French government was forced to revise its forecasts for economic growth downward, through which it plans to save €10 billion by cutting ministries' spending, French Minister of the Economy, Finance and Industrial and Digital Sovereignty Bruno Le Maire said, according to Report.

"Our estimate for 2024 was 1.4%; after revision the growth will be at 1%. Our economic growth will remain at 1%, but we should take into account the geopolitical context," the minister said, listing the conflict in Ukraine, events in the Middle East, as well as the "economic slowdown in China" and the "recession in Germany."

The €10 billion savings plan will apply to all ministries.

"This could be energy, real estate or procurement costs. All ministries will contribute according to their share of the national budget," Le Maire said.