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Coronavirus: is the economic crisis that is starting comparable to 1929, as Bruno Le Maire says?

2020-03-25T19:09:34.749Z

The Minister of the Economy drew a parallel between the foreseeable consequences of the Covid-19 epidemic and "the great depression of 1929". Is this comparison really relevant?



THE QUESTION. " What we are experiencing has no other comparison than the Great Depression of 1929, " said Bruno Le Maire on Tuesday. The Minister of Economy and Finance is particularly concerned about the risks of bankruptcy of French companies which could encourage the State to nationalize some if necessary. " We are not going to let industrial jewels go up in smoke because there is an economic crisis of a violence which is undoubtedly unprecedented since 1929 in the Western countries ", he warned.

Read also: Hubert Védrine: "The shock of the coronavirus is pulverizing deeply rooted beliefs"

He is not alone in this register. At the same time in Australia, Prime Minister Scott Morrison, speaking before the Australian parliament, spoke of the specter of " the great depression of the 1930s ".

CHECK. The economic and financial crisis of 2008-2009 had already been presented then as " the most serious in 80 years ", in reference to that of 1929. Curiously, by evoking the " great depression of 1929 ", Bruno Le Maire agglomerates two distinct events ,

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Source: lefigaro

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