France will miss 2013 economic growth target

President Francois Hollande says France will miss its economic growth target and the European Union’s gross domestic product deficit goal for 2013, adding concerns of intensified austerity measures.

The French president confirmed on Tuesday that France’s growth would not reach the 0.8 percent predicted for 2013, causing the country to fail its GDP deficit goal of three percent.

Hollande, however, said the French government would not increase austerity measures.

The president faces increased pressure to cut state spending to prove that he remains committed to restore fiscal order in France.

It is reported that the European Commission will publish on Friday a forecast of 0.0-0.1 percent in growth for France and a deficit of 3.6 percent of GDP.

The French government has stated that it will wait for the commission’s report before announcing new targets.

European Commissioner for Economic and Monetary Affairs Olli Rehn has said that the commission is considering allowing France and other member states to receive more time to meet their deficit targets.

However, some European partners, including Austria and Finland, said on Wednesday that they were alarmed about the possibility of the European Commission being lenient with France regarding its deficit targets since it could destroy its credibility with international investors.

Europe plunged into financial crisis in early 2008. The worsening debt crisis has forced the EU governments to adopt harsh austerity measures and tough economic reforms.