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France Says Economy Will Grow This Year Despite Inflation

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The French economy will grow this year despite soaring inflation and uncertainty over the war in Ukraine, Finance Minister Bruno Le Maire said on Sunday.

The minister declined to give an estimate, saying he would update the country’s growth forecast once a revised budget bill is presented following the legislative elections later this month.

“It was 4%, it’s obvious that with the war in Ukraine, inflation, all that will call the outlook into question, but we will have positive growth in 2022,” Le Maire said during an interview with CNews TV and Europe1 radio.

Le Maire added that France was “resisting inflation better than any other eurozone country.”

The finance minister said last week that inflation would pass the peak next year but would remain structurally higher, around 2% rather than around 1%, because of the “regionalization of value chains” and very high cost of transition to cleaner energy.

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