Tags: France | Hollande | euro | economy

France's Hollande Warns Economy to Stall in 2013

Sunday, 09 Sep 2012 04:01 PM

French President Francois Hollande is blaming a worse-than-expected economic slowdown for a new cut in the government's growth forecast this year and next.

Speaking Sunday in a televised interview on French channel TF1, Hollande said gross domestic product growth will be "barely" zero this year and only 0.8 percent in 2013, well under the 1.2 percent his Socialist government had previously forecast.

Hollande also is pledging to forge ahead with a controversial plan to raise income tax on France's wealthiest citizens to 75 percent.

Hollande says he expects to unveil proposals for lifting France's growth and competiveness by the end of the year, with the results expected to be felt in 2014.

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Sunday, 09 Sep 2012 04:01 PM
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