France Downgrades 2024 Growth Forecast Amid Economic Slowdown

French Finance Minister Bruno Le Maire announced a reduction in the 2024 GDP growth forecast to 1% from 1.4% due to geopolitical tensions and economic slowdowns in key trading partners. The government plans to cut state spending by 10 billion euros across all departments and agencies, with no tax increases or cuts in social security payments. The European Commission, OECD, and French statistics agency INSEE have also downgraded their growth forecasts for France, aligning with the government's revised outlook.