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France to hold 2012 growth garget

11-30-2011 10:57 BJT

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Despite mounting fears for its economy and a lower revised projection from the OECD, France will keep its next year's growth target. The nation’s Finance Minister said on Tuesday in an interview with France Info radio that Paris would stick to its 1 percent growth target in 2012 without presenting a new package of austerity measures.

In the context of a global recession, France, the eurozone’s second largest economy, had revised down its 2012 growth target at 1 percent, from a previous estimation of 1.75 percent.

The Organization for Economic Cooperation and Development (OECD) warned on Monday that top global economies are one step away from a deep recession driven by the debt crisis and a fiscal stranglehold in the United States. It said recession and even depression could spread through advanced economies if the crisis takes another sharp turn for the worse.

French Economy Minister Francois Baroin said: "Of course I maintain that (there will be no third austerity plan). We have budget predictions for 2012 which allow us, despite potential economic slowdown, to face up to this economic slowdown, so we have a margin of error and we have an in-depth strategy on structural reforms -- retirement reform, the General Review of Public Policies -- and on important fiscal measures. So whatever the evolution of economic activity in the coming weeks, we’ll maintain our predictions."


Editor:Zhang Rui |Source: CNTV.CN

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