... knife in London to the Davos global economic forum Switzerland is braced for a serious economic hit as the U.S. is its largest export market after the European Union. Switzerland’s economy slumped the most in at least four decades as a result of the coronavirus pandemic, with private consumption and investment plummeting. As of Thursday, Switzerland has 26,422 confirmed cases, with 1,269 deaths, according to statistics from Johns Hopkins University. The hotel and restaurant sector experienced a 23.4% drop in output, according to the data on Wednesday.Although the Swiss economy fared slightly worse than Germany’s in the first quarter, the contractions in France and Italy were far more severe.Swiss government subsidies have kept a lid on unemployment and helped companies avoid a cash crunch, but the SECO still expects the economy to shrink 6.7% this year before staging a slow recovery in 2021.Machine industry group Swissmem said that 80% of its member companies were forced to apply for short-time work, and that the To prevent the rallying haven franc from hurting the economy still further, the
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Although not a member of the EU, Switzerland …
The Swiss National Bank (the central bank) is wary of a stronger Swiss franc and is likely to cut the SNB policy rate this year and escalate its foreign-currency purchases to reduce upward pressure on the franc.
Updates detail on hospitality sector in 3rd paragraph The latest news from Switzerland including national stories, and headlines from cities such as Zurich, Geneva, Basel, Bern, and Lucerne. Private consumption tumbled as households scaled back on discretionary spending, while heightened uncertainty hit fixed investment levels, further harming domestic demand. To see how, and to learn how to control cookies, All the latest breaking news on Switzerland. To see how, and to learn how to control cookies,
Browse The Independent’s complete collection of articles and commentary on Switzerland. Public life in Switzerland ground to a halt due to pandemic Negotiations on reshaping Switzerland's relationship with the EU will remain difficult, and bilateral relations will be tense.
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That’s worse than the 2.1% hit forecast by economists in a Bloomberg survey and the biggest three-month contraction since the start of the time series in 1980.Like neighboring France, Italy and Germany, Switzerland responded to the pandemic by winding down much of public life. please read our
Switzerland Economic Outlook. Sorry, no headlines or news topics were found.
Customers queue outside a bakery in Bern, Switzerland, in March.Customers queue outside a bakery in Bern, Switzerland, in March.Switzerland’s economy slumped the most in at least four decades as a result of the coronavirus pandemic, with private consumption and investment plummeting.First-quarter gross domestic product plunged 2.6%, data from the State Secretariat for Economic Affairs showed.
Economic activity shrank at a record fast pace in the first quarter as the coronavirus pandemic and associated containment measures tore into the domestic economy.
The Swiss economy is expected to suffer its biggest contraction since the mid-1970s this year and recover only slowly in 2021, the government revealed in a bleak new outlook. June 30, 2020.