French finance minister: Protests have been ‘economic catastrophe’ for country

The finance minister for France claimed the recent violent protests stage in the country have been an “economic catastrophe”.

Bruno Le Maire said the Yellow Vest protests have also been a “crisis” for democracy and society.

Hundreds of people have been protesting in France for the past four weekends over high living costs, fuel tax rises and other issues.

Dramatic scenes have unfolded in Paris this weekend , as police fired tear gas at protesters and used water cannons and horses to charge into demonstrators.

During Saturday’s protest, about 125,000 people took part in France, with more than 1,700 arrested, the BBC reports.

While the massive protests have been underway, popular tourist sites such as the Eiffel Tower and Louvre Museum have had to close.

Mr Le Maire said: “It’s a catastrophe for commerce, it’s a catastrophe for our economy”.

Before the most recent protests, Mr Le Maire had said the restaurant trade had declined between 20 per cent and 50 per cent.

Authorities have also reportedly said the riots have caused millions of pounds worth of damage.

Paris went in to lock-down on Saturday with dozens of streets closed to traffic.

Shops were also boarded up to avoid looting.

US President Donald Trump tweeted about the day's scenes, saying: "Very sad day & night in Paris. Maybe it’s time to end the ridiculous and extremely expensive Paris Agreement and return money back to the people in the form of lower taxes?

“The U.S. was way ahead of the curve on that and the only major country where emissions went down last year!"

French President Emmanuel Macron is due to meet with unions, employers’ organisations and local associations on Monday in Paris.