Economists warn of Covid-19 impact
Economists are warning the Switzerland is “suffering severely” from the coronavirus crisis - and expect a recession.
Experts from the federal government, the National Bank, Credit Suisse and Raiffeisen are predicting declining growth in 2020.
The BAK Economics Institute has lowered its forecast for 2020 with GDP expected to shrink by 2.5%.
The sharp slump is expected as the downturn affects both domestic and export industries, with a high degree of uncertainty as to when the pressure will ease.
BAK reports every week of lockdown means a loss of CHF 4 billion to the Swiss economy.
They do however predict a quick economic recovery for Switzerland, helped by pharmaceutical products being in high demand as an export.