The Swiss Federal Government's Expert Group revised its forecast for the 2020 GDP dynamics in the country to 3.8 percent down from the previously predicted 6.2 percent, the State Secretariat for Economic Affairs said on Monday
ZURICH (Pakistan Point News / Sputnik - 12th October, 2020) The Swiss Federal Government's Expert Group revised its forecast for the 2020 GDP dynamics in the country to 3.8 percent down from the previously predicted 6.2 percent, the State Secretariat for Economic Affairs said on Monday.
"For 2020 as a whole, the Expert Group is anticipating a decline in GDP of 3.8 % (June fore-cast: -6.2 %). This would be the strongest decrease in GDP since 1975," the secretariat said in a statement.
The expert group is also expecting the Swiss labor market to see further contractions in its employment sector, however, the average unemployment rate in 2020 is likely to be at 3.2 percent.
"As time goes on, the Swiss economy should continue to recover at a moderate pace. The Expert Group is expecting GDP adjusted for sporting events for 2021 to grow by 3.8 % (June forecast: 4.9 %). Switzerland's economic output would therefore return to its pre-crisis level only towards the end of 2021, assuming that no further widespread lockdown is imposed in Switzerland or key trading partner countries," the statement read.
In late September, the State Secretariat for Economic Affairs said that the Swiss economy shrank by 7.3 percent in the second quarter of 2020 amid the pandemic, which was the sharpest fall since records began in 1980.
