European markets have fallen over the past few months amid the quarantine measures, imposed by numerous countries to combat the coronavirus pandemic.
French Finance Minister Bruno Le Maire has announced that Paris will increase its support package for the country.
“We are going to go from 45 billion euros in the first economic support plan … to about 110 billion euros”, he said on RTL radio, adding that the package contains 20 billion euros to help big companies, including Air France KLM, which would be offered aid in the coming days.
Last week, the Bank of France announced that the country’s economy had lost almost 6 percent in the first three months of the year, marking its worst performance since the end of World War II. France has experienced six straight months of decline, meaning that the country is technically in a recession.
In the meantime, France has confirmed over 97,000 coronavirus cases and almost 15,000 fatalities, occupying fourth place on the list of pandemic-hit countries after the United States, Spain, and Italy, according to the World Health Organisation.