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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

Swiss economy seen tipping into recession on Covid-19 pandemic shutdowns
Bloomberg
1 min read Last Updated : Feb 13 2021 | 1:23 AM IST
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.      


Topics :RecessionCoronavirusEuropeSwiss banks

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