Thierry Rayer's Open Letter to Leaders, Decision-Makers and Media

Excellencies Presidents, Ladies and Gentlemen

Economic Crisis: COVID-19 Pandemic Will Have Greater Impact Than the Stock Market Crash of 1929

It has been more than two months since the majority of businesses have been shut down. The hotel, restaurant and tourism sectors are the most strongly impacted by this major economic crisis. Companies such as Ryanair, Rolls Royce, Renault, Uber or AirBnB have had to resort to mass redundancies. Hertz in the United States and Canada has made tens of thousands of employees redundant. In the United States, the unemployment rate jumped to 14.7% in April and could reach 20% very quickly. As a reminder, it was 3.6% at the end of 2019! It should be remembered that in 1929 unemployment was half of what it is today. The scale of this disaster is global.