At the international level, 2019 will have been marked by political and economic uncertainties that have weighed down on trade and global growth. However, some of these uncertainties seem to be waning somewhat towards the end of the year, and fears of a global economic downturn are easing.

Through to mid-2020, economic activity in the Eurozone is unlikely to slow down any further or should even accelerate slightly, with domestic demand holding up. French growth is likely to maintain its rate of around +0.3% per quarter; its overhang should reach +0.9% by mid-2020, after +1.3% over 2019 as a whole. The unemployment rate should remain on a downward trend and reach 8.2% by mid-2020.