Recovery of the Swiss economy continues

ECONOMY

However, a return in gross domestic product (GDP) at the level of the end of 2019 is not expected before the end of 2021, the economists of Credit Suisse estimate.

Recovery of the Swiss economy continues
The recovery of the Swiss economy continues © CdT / Gabriele Putzu

Recovery of the Swiss economy continues

The recovery of the Swiss economy continues © CdT / Gabriele Putzu

After the unprecedented collapse of the first half of the year, the Swiss economy is experiencing a rapid recovery that began after the exit from confinement. However, a return in gross domestic product (GDP) to the level of the end of 2019 is not expected before the end of 2021, the economists of Credit Suisse estimate.

On the occasion of today’s publication of ‘Monitor Switzerland’ for the third quarter, the experts of the big bank confirmed the ‘relatively optimistic’ projections of a 4% contraction in GDP for the current year, but I warn with ‘the recovery will be now more difficult’.

In addition to this, according to Credit Suisse, the weak economic momentum is expected to bring net immigration into Switzerland next year to the lowest levels recorded since the introduction of full free movement of persons in June 2007.

Despite the reduced work, the unemployment rate will rise in the coming months. Specifically, Credit Suisse economists predict growth from the current 3.3% to around 4.0% until mid-2021 (2020 average: 3.2%; 2021: 3.9%).

The recovery will be held back by the fact that the coronavirus will continue to have negative effects on the world economy. Bank experts believe another full lockdown is unlikely. However, I believe that temporary and regional restrictions on mobility will continue to weigh on the economy.

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