France: 2002 Article IV Consultation—Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion

Author: International Monetary Fund

Volume/Issue: Volume 2002 Issue 251

Publication date: November 2002

ISBN: 9781451813586

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Labor , Economics- Macroeconomics , Public Finance , Demography , ISCR , CR , government , expenditure restraint , IMF staff estimate , product market reform , cost , deficit , GDP growth , growth in volume , GDP elasticity , Fiscal consolidation , Labor markets , Aging , Europe

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Summary

This 2002 Article IV Consultation highlights that the economy of France is facing a fast-approaching demographic turnaround—with the active population beginning to decline in 2007 and reducing annual per-capita-GDP growth by about half a percentage point for a few decades. In 2002, the general government budget deficit is expected to widen to 2.6 percent of GDP from 1.5 percent of GDP in 2001. The deterioration is in good part owing to the cyclical downswing but also to structural factors, in particular to the trend increase in social security spending.