French economy growing below target

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PARIS, Sept 1 (AFP) Prime Minister Francois Fillon said today he hoped the French economy will still grow this year at about one per cent, well down on the government's target of 1.7 to 2.0 per cent. brI hope that it will at least be one percent and I hope that it will be a little bit more than one per cent, Fillon told Europe 1 radio. brThe government based its 2008 budget on a growth rate of 2.25 per cent but subsequently set the target at 1.7 to 2.0 per cent as the US and European economies slowed in the face of a global credit crunch and soaring oil and other commodity prices. brWe are being hit by a very, very serious slowdown in the world economy, Fillon told Europe 1. brFillion declined to use the word 'recession' to describe the situation, saying When there is growth, you do not talk about a recession.