Switzerland's economy will suffer its worst downturn in decades during 2020 as the coronavirus pandemic damages output and jobs, the government said on Wednesday, but the downturn will be less severe than initially feared.
ZURICH - Switzerland’s economy will suffer its worst downturn in decades during 2020 as the coronavirus pandemic damages output and jobs, the government said on Wednesday, but the downturn will be less severe than initially feared.
Unemployment is forecast to rise to 3.8% this year, as foreign trade suffers, consumer spending shrinks and companies emerge slowly from shutdowns imposed to halt the spread of the COVID-19 virus. The Swiss government expects a gradual recovery during the second half of 2020, provided a massive second wave of the disease along with severe restrictions does not occur.
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