Another blow to Macron: Moody’s has cut France one notch from Aa2 to Aa3 and changed the outlook to stable from negative, citing weakening public finances due to political fragmentation which will constrain the scope & magnitude of measures that could narrow large deficits.

Another blow to Macron: Moody's has cut France one notch from Aa2 to Aa3 and changed the outlook to stable from negative, citing weakening public finances due to political fragmentation which will constrain the scope & magnitude of measures that could narrow large deficits.

Expects the deficit to stand at 6.3% of GDP in 2025, before gradually decreasing to ~5.2% in 2027. As a result, debt-to-GDP ratio would increase from 113.3% in 2024 to ~120% in 2027.

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