The French economy will return to pre-COVID 19 levels by the first quarter of 2022, said Finance Minister Bruno Le Maire in an interview to JDD, a weekly. A return in investments and spending is laying the groundwork for the much needed economic recovery.

Reaffirming his 5% target of economic growth for France this year, Le Maire said, the “recent surge in credit card payments, along with rising holiday season bookings and soaring clothing purchases showed that France was quickly returning to growth”.

France’s debt, which had ballooned during the pandemic with the government propping up the economy with support measures, will begin to stabilize in 2025 and then tread downwards. He expects public deficit to be below 3% of gross domestic product in 2027.

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Tags: Bruno Le Maire, clothing purchases, credit card payments, economic growth, economic recovery, economy, finance minister, France, French, GDP, holiday season bookings, investments, pre-COVID 19, spending levels, support measures