France reported a deterioration in the economy due to a shortage of GDP

France is facing a gradual debt strangulation due to a budget deficit of about 5.4% of gross domestic product (GDP). This was announced on October 25 by the governor of the central bank of France, Francois Villeroy de Galot.

"Our country is not facing bankruptcy, but progressive suffocation: first of all, increasingly expensive interest payments, from 30 billion a year in 2020 to more than 100 billion by the end of the decade," he said in an interview with La Croix newspaper.

In addition, according to the Moody's rating agency, France's budget problem is huge. Francois de Galot, in turn, called for the need to resolve this situation here and now. He proposed a progressive tax mechanism, including for pensioners.

Budget excess: reassigning Lecorny will not end the crisis in France

What is Macron's plan and why has his decision already been called a "joke" in parliament

Vasily Koltashov, an economist and head of the Center for Political Economic Research, told Izvestia on September 19 that by reaching a budget deficit that was almost twice the EU norm of 3%, French President Emmanuel Macron and his government showed that they could not cope with the country's economic development. According to him, the French economy remains very expensive and inefficient.

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