France is in a worrying situation, the country’s finance minister told CNBC, but growth will return in the second half of the year as measures to stimulate job creation bear fruit.
“We are also now in a recession, or a stagnation in our country,” Pierre Moscovici told CNBC at the G-20 meeting of finance ministers in Moscow this weekend. “When I look at the figures, I see that we are in a situation which is worrying. I’m a finance minister, I am attacking it. But when I compare to the euro zone, we are in better shape.”
France’s economy contracted by 0.2 percent in the first quarter of 2013, the country’s national statistics agency INSEE reported in June, confirming fears that the country had entered recession. The Bank of France forecast growth of 0.2 percent in the second quarter of 2013, however.
France has been accused of being slow to implement reforms, an accusation Moscovici rejected.
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