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

International Monetary Fund

No 2002/251, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: 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 (search for similar items in EconPapers)
Pages: 42
Date: 2002-11-13
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