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European Central Bank President Mario Draghi he has warned the outlook is getting “worse and worse” as he prepares to take action to address the negative economic outlook in September. The Commission’s Business Climate Indicator dropped earlier this month to its lowest level in almost six years. The economic slowdown is hitting many countries and regions hard.

France has only seen economic growth in its domestic sector, as company investment and public spending has increased.

Junior economy minister Agnes Pannier-Runacher believes investment will help future growth and job creation.

She added Mr Macron’s tax cuts for households won’t kick in until early 2020 so they won’t impact the economy until then.

She told French television LCI: “At this stage, there is no reason to be anxious about our pace of growth.”