GENEVA, May 10 — Switzerland’s central bank chief said in an interview published by Swiss media today that the coronavirus crisis was costing the Swiss economy up to US$17 billion (RM73.6 billion) each month. The head of the Swiss National Bank, Thomas Jordan, said the crisis surrounding the...
Sunday, 10 May 2020 07:00 PM MYT
The head of the Swiss National Bank, Thomas Jordan, said the crisis surrounding the Covid-19 pandemic was weighing heavily on the Swiss economy, which was currently functioning at just 70-80 per cent of its normal level. Jordan cautioned that the public debt would swell, as would costs linked to unemployment insurance and to the subsidies provided to businesses to keep them afloat, pushing Switzerland towards a significant deficit this year.weeklies calculated today that Switzerland in all should dish out some 100 billion to mitigate the effects of the crisis.
The wealthy Alpine nation, which has counted more than 1,500 deaths and over 30,000 infections from Covid-19, has gradually begun lifting measures, with restaurants, shops and schools due to open Monday.
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