法国：2025年第四条磋商新闻稿；员工报告；法国执行主任的发言

2025ARTICLE IV CONSULTATION—PRESS RELEASE;STAFF REPORT; AND STATEMENT BY THE EXECUTIVEDIRECTOR FORFRANCE Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussionswith members, usually every year. In the context of the2025Article IV consultation withFrance, the following documents have been released and are included in this package: •APress Releasesummarizing the views of the Executive Board as expressed during itsJuly 11, 2025consideration of the staff report that concluded the Article IVconsultation withFrance. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onJuly 11, 2025, following discussions that ended onMay 22, 2025,with the officials ofFranceon economic developments and policies. Based oninformation available at the time of these discussions, the staff report was completedonJune 25, 2025. •AnInformational Annexprepared by the IMFstaff. •AStatement by theExecutive DirectorforFrance. The documents listed below have been or will be separately released. Financial Stability System Assessment TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Concludes 2025 Article IV Consultationwith France FOR IMMEDIATE RELEASE •France’s economy has demonstrated resilience despite high uncertainty, with disinflationprogressing well and the labor market remaining robust. •The medium-term fiscal adjustment envisaged by the authorities is appropriate tostrengthen public finances andshould be supported by the approval of a credible andwell-designed package of measures. •Advancing France’s structural reform agenda will be crucial to boost productivity andfacilitate fiscal consolidation in the face of a challenging global environment. Washington, DC – July 14, 2025:The Executive Board of the International Monetary Fund(IMF) completed the Article IV Consultation for France on July 11, 2025.1The authorities haveconsented to the publication of the Staff Report prepared for this consultation.2 The French economy has demonstrated resilience in 2024 despite high uncertainty. Real GDPgrew by 1.1 percent in 2024, supported by the impact of the Paris Olympics, which temporarilyboosted services and consumption, despite rising household savings rates. Policy uncertaintyand tight financial conditions continued to weigh on private investment. The disinflationaryprocess is progressing well, and the labor market remains robust. Despite the authorities’efforts to control spending, the fiscal stance was again expansionary in 2024, due to lower-than-expected revenues, overruns in local governments and social security, as well as risingdebt service payments. As assessed by the IMF’s 2025 Financial Sector Assessment Program(FSAP), the banking sector demonstrated resilience to recent shocks, maintaining healthycapital and liquidity buffers. Real GDP growth is projected to slow to 0.6 percent in 2025, as trade tensions, weak growthin trading partners, market volatility, and high uncertainty add to already subdued external anddomestic demand. While growth is expected to reach 1 percent in 2026, deepeninggeoeconomic fragmentation and domestic policy uncertainty pose significant downside risks.Nevertheless, easing trade tensions and renewed structural reform momentum could support 1Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members,usually every year. A staff team visits the country, collects economic and financial information, anddiscusses with officials the country's economic developments and policies. On return to headquarters,the staff prepares a report, which forms the basis for discussion by the Executive Board. 2Under the IMF's Articles of Agreement, publication of documents that pertain to member countries isvoluntary and requires the member consent. The staff report will be shortly published on thewww.imf.org/Francepage. business and consumer confidence, enhancing growth prospects and facilitate fiscalconsolidation over the medium term. Executive Board Assessment3 Executive Directors agreed with the thrust of the staff appraisal. They welcomed the Frencheconomy’s resilience, notwithstanding the high uncertainty, noting the robust labor market anddeclining inflation. Noting the high and rising public debt, combined with significant domesticand external headwinds to the recovery, Directors emphasized the urgent need to strengthenpublic finances and pursue structural reforms to foster sustainable growth. Directors agreed that the authorities’ fiscal adjustment plan