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

Switzerland is sinking into recession 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.