The government of Switzerland forecasted that the nation's economy will shrink by 6.7 percent this year, stated that it expected the recession triggered by the coronavirus or COVID-19 pandemic to be the worse than initially feared.
Coronavirus effect on economy
It expects the economy to grow 5.2 percent next year adjusted for large sporting events, the State Secretariat for Economic Affairs (SECO) said on Thursday in a revision of its March forecast. It had originally said it expected the country's economy to shrink 1.5 percent in 2020, before rebounding with a 3.3 percent increase in output in 2021.
The deadly virus outbreak has created a major stir around the world in recent times claiming the lives of more than 180,000 people globally and infecting over 2.5 million people worldwide. The virus outbreak has been described by the WHO as a pandemic.
(With agency inputs)