France has lowered its 2024 economic growth forecast due to rising geopolitical tensions and economic slowdowns around the world. Finance Minister Bruno Le Maire announced that Europe's second-largest economy had revised its GDP growth forecast down to 1 percent, from 1.4 percent. Le Maire also said the government is planning to implement spending cuts totaling 10-point-8 billion dollars across all departments and agencies to make up for the shortfall in output. He emphasized that there will be no tax increases or cuts to social security payments, but all government entities will contribute to the spending reductions.
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