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Swiss economy seen tipping into recession on Covid-19 pandemic shutdowns

The median forecast was for a 0.7 per cent drop in gross domestic product in the final quarter of 2020

Topics
Europe | Recession | Swiss banks

Bloomberg 

Julius Baer Bank, Swiss Bank, Switzerland

Switzerland is sinking into because of business closures to combat the pandemic, according to economists surveyed by Bloomberg.

While the nation has less-stringent rules on social distancing than neighbouring countries, shops, restaurants and leisure facilities are still closed at least until the end of February.

The median forecast was for a 0.7 per cent drop in gross domestic product in the final quarter of 2020, and a further contraction of 0.6 per cent in the first three months of 2021.

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First Published: Sat, February 13 2021. 01:23 IST
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