Why was economic condition of France so poor during the reign of Louis xvi?

During the Seven Year's War France lost most of its overseas treasure to Great Britain. The resulting ecomnomic damage almost destroyed the monarchy. However, some of the economic was repaired in the 1760's by the minister, the duc de Choiseul but Louis XV left his successor, his grandson Louis XVI, a debt of 4000 million livres when he died in 1774. In 1788 the French government went bankrupt.