13.8 C
April 14, 2021

FinMin Citu: Current economic crisis is worse than the Great Crash

The current economic crisis is worse than the Great Crash of 1929 said, on Friday evening, the Minister of Public Finance, Florin Citu, at private broadcaster B1 TV.

“We are going through the most difficult period for the economy in the past one hundred years. Firstly there hasn’t been a double crisis before, a health one and an economic one. It’s worse than in the economic crisis of 1929. It’s worse than during the Great Crash of 1929,” stated Florin Citu.

Furthermore, the Minister of Finance claimed that the current economic crisis is the greatest crisis recorded during peace time.

“You should know in times of peace the economy never stopped as it has stopped now, never have companies stopped as they have now. We are speaking of times of peace, in times of peace it’s the greatest crisis,” Florin Citu added, according to Agerpres.

The Great Crash of Wall Street in the autumn of 1929 is considered one of the main causes of the Great Economic Crisis of 1929-1933, which provoked, among other issues, a massive increase in unemployment both in the USA, as well as in Europe.


Related posts

ROCA X welcomes Senior Investment Partners Jennifer Austin and Matei Dumitrescu


RBL warns: Public investment void will be paid over the next two years. The growing consumption hides an alarming economic reality


European Commission launches infringement procedures against Romania over retail trade of agricultural, food products

Nine O' Clock