France's projected budget shortfall might surpass the estimates made previously.
According to a news report, the French Ministry of Finance and Economy estimates that France's budget deficit could climb as high as six percent of its GDP by 2024. This figure surpasses the earlier projected 5.1 percent, as mentioned in the Friday edition of "Les Echos" newspaper.
The outgoing administration had aimed to decrease this deficit below the EU's threshold of three percent by 2027. However, this latest overshoot makes that deadline seem pretty much unreachable. France's incoming Prime Minister, Michel Barnier, has his work cut out for him. He's tasked with forming a new government and presenting a budget by October 1st. Without backing, the 73-year-old might face a no-confidence vote in Parliament.
Despite the challenges ahead, France's incoming Prime Minister, Michel Barnier, assures his team, "We'll do our best to Present a balanced budget by October 1st." Regardless of the obstacles, Barnier concludes, "See you all then, as we work towards a fiscally responsible France."
