Scale of current economic downturn unprecedented since 1929 Great Depression, French economy minister says
March 24, 2020, 4:06 pm

Scale of current economic downturn unprecedented since 1929 Great Depression, French economy minister says

FILE PHOTO. A hundred protesters dressed as Marianne, French Republic's allegory.

France is facing an economic crisis that can only be compared to the Great Depression of 1929, the minister of the economy and finance, Bruno Le Maire, warned as he laid out government plans to mitigate the damage. French economy minister

The French government will not “allow the flagships of our industry... to go up in smoke just because there is an economic crisis of a magnitude unprecedented since the 1929 Great Depression in the West,” Bruno Le Maire said in an interview with France Info on Tuesday.

The minister was discussing ways French businesses can be assisted to traverse the economic slowdown aggravated by the Covid-19 pandemic and what Paris is expecting from them. For example, he warned private companies to be careful with their dividend payments and called on the banks to show national solidarity and voluntarily allow struggling individuals to postpone their credit payments.

“We will need economic patriotism now more than ever,” he said.

France set aside €45 billion to address the crisis, but that will be just the starting point, Le Maire said. French economy minister

The Great Depression of 1929 hit France later and less hard than it did in the US and other nations. Its effects, however, were felt throughout the 1930s and fueled anti-government sentiment, which spilled over into a crisis and riots in February 1934. levant

source: AFP levant

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”