France’s nearly two-month-long coronavirus lockdown is expected to cost the country some €120 billion in lost revenue while “forced savings” are estimated to reach €55 billion, the state-funded French Economic Observatory said on Monday. “During the lockdown, the Gross Domestic Product (GDP) was cut by 32 percent, corresponding to five points of GDP for the whole of 2020,” the state-funded French Economic Observatory (OFCE) wrote. The observatory went on to say that “almost 60 percent of the drop in national income was absorbed by public administrations” and 35 percent by businesses. France’s economic recovery depends on how much the French spend once lockdown is lifted, it said. France24 notes, however, that although the French are expected to have shored up €55 billion in so-called forced savings during the planned 17 March to 11 May lockdown period – meaning they will have spent less than they earned – they are not expected to spend these savings “completely or rapidly” once lockdown is lifted given the continuing uncertainties over Covid-19.