Switzerland’s economy forecast to recover ‘from summer onwards’

Switzerland’s economy forecast to recover 'from summer onwards'
The forecast for Swiss economy is good. Photo by AFP
Although earlier forecasts indicated Swiss economy faced a gloomy outlook due to the Covid-19 pandemic, latest figures are more optimistic.

In November 2020, Switzerland's Federal Statistical Office indicated a downward trend for 2021. 

But economist Eric Scheidegger predicts a strong boom for this year, even though some sectors of the economy are still suffering the consequences of the health crisis.

“We expect a strong recovery from the summer onwards”, Scheidegger, who is head of the Economic Policy at State Secretariat for Economic Affairs (SECO), told NZZ newspaper on Sunday.

“Switzerland could achieve growth of around 4 percent in both 2021 and 2022”, he added.

Even though Switzerland lost about 72 billion francs during the pandemic, the country still fared better than its neighbours, Scheidegger pointed out.

Swiss economy dwindled 3 percent in 2020, while Germany and Austria shrunk by 6 percent, and France and Italy by 9 percent.

READ MORE: Where are the job vacancies in Switzerland in 2021? 

This optimism is reflected in other studies as well.

A recent one conducted by HSBC Bank shows that “Switzerland’s famously robust economy is weathering a number of challenges”.

Swiss companies “have shown remarkable resilience to face the turmoil caused by Covid-19″, said Jean-Manuel Richier, CEO of HSBC Bank Switzerland

READ MORE: Are companies in Switzerland in good shape to survive impact of pandemic? 

And another study, released in September 2020, found that Switzerland is among the best-placed countries in the world to recover from the coronavirus. pandemic. 

The report noted that Switzerland combines “world class governance with high levels of social capital and high social resilience. They also have strong financial systems, manageable debt levels and good health system resilience”.

 


 


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