France urged to reform, as top finance chiefs meet

Staff Writer
Columbus CEO

PARIS (AP) — The heads of major international economic organizations are to discuss the global economy following turmoil in financial markets this week and worries about another recession in Europe.

Reforms in France are also on the agenda at Friday's meeting in Paris, in a country crippled by flat growth and high unemployment.

The Organization for Economic Cooperation and Development praised the French government's latest economic plan, especially 30 billion euros ($38.5 billion) in tax cuts for companies, and said it could boost growth by 0.3 points per year over the next five years — if it's implemented quickly.

The heads of the International Monetary Fund, the World Bank and the OECD are meeting later Friday with French President Francois Hollande.