France faces rising debt as OECD warns of fiscal crisis

The Organisation for Economic Co‑operation and Development released a report on 30 June 2026 warning that France’s public debt, already at 117.5 % of GDP and a deficit of about 5 % of GDP in 2026, could climb to 127 % by 2030 and as high as 203 % by 2050 without decisive action. The OECD calls for a cumulative fiscal‑tightening effort equal to three percentage points of GDP by 2030, deeper spending cuts and the restart of the 2023 pension reform that would raise the legal retirement age to 64 and eventually link it to life expectancy. It also recommends improving efficiency in health and education spending and reforming the tax system. The report notes that growth is expected to slow to 0.7 % in 2026 before modestly rebounding to 0.8 % in 2027, while higher interest rates raise debt‑service costs. With a presidential election scheduled for April 2027, the OECD says the next government will have to address the high public‑spending profile and the looming fiscal pressures.