Switzerland’s economy is on track to shrink at its strongest pace this year since 1975 due to the corona crisis. The Swiss government predicts it based on initial data. Our economy is expected to contract by 6.2 percent this year.

This means that the downturn is slightly less severe than previously feared, because a shrinkage of 6.7 percent was still taken into account in April. Unemployment is expected to rise to 3.8 percent this year. To mitigate the impact of the crisis, the Swiss government has earmarked billions in corporate aid and working time reductions.

If there is no second wave of corona infections and new quarantine measures, the Swiss economy could start growing again by almost 5 percent next year. Unemployment is estimated at over 4 percent for next year.

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