Coronavirus: an economic crisis comparable to that of 1929, according to Bruno Le Maire

The Minister of the Economy estimated on Tuesday that the GDP would fall this year well beyond 1% – figure expected last week. He believes that the return to normal will only happen gradually and does not foresee a rapid rebound in activity after the crisis.

Bruno Le Maire was pessimistic on Tuesday morning and expects the fall in GDP to be much greater this year than the 1% figure provided for in the amending finance bill.

Blood, sweat and tears. The speech of the Minister of Economy and Finance, Bruno Le Maire, had Churchillian accents this Tuesday morning. The tenant of Bercy, whose conference was broadcast on Twitter, did not hide the brutality of the economic crisis linked to the coronavirus epidemic.

Sectors such as tourism, hotel and catering or even events are experiencing declines in activity “From 90% to 100%”, the automobile faces a fall in its turnover “From 80% to 85%”, according to the minister. And “The industry is running at 25% of its capacity”, he repeated. In furniture, cosmetics, mechanics, plastics and textiles, activity fell by 80%. In the building industry, last week, 80% of construction sites were at a standstill. Only the food industry and mass distribution functioned properly.