Switzerland's economy will shrink by 6.2% in 2020, the government said on Tuesday, the worst downturn in more than 40 years, as the country grapples with the consequences of the coronavirus pandemic.
FILE PHOTO: Sunrise over the Commercial and Financial District in Geneva, Switzerland, November 23, 2017. REUTERS/Denis Balibouse
A gradual recovery is expected during the second half of the year provided a massive second wave of the disease along with severe restrictions does not occur, the State Secretariat for Economic Affairs said. Still, the downturn would be the worst since 1975, when Switzerland was hit by the aftermath of the oil price shocks, with unemployment forecast to rise to an average rate of 3.8% during 2020.
In recent weeks Switzerland has allowed shops and restaurants to reopen, while on Monday it reopened its borders as the country slowly returns to normal.
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