State Secretariat for Economic Affairs SECO downgrade 2021 growth forecast as “the second wave of the coronavirus will have an adverse effect on the Swiss economy”. Also, “rising case numbers and the measures to combat the coronavirus will slow international economic development considerably in the winter half-year of 2020/2021, especially in Europe. ” Though, “less dramatic containment measures have been taken than last spring and the overall economic impact is likely to be less severe.”
For 2020 as a whole, GDP is projected to contract -3.3%, worst since 1975. 2021 GDP growth forecast was revised down from -3.8% to 3.0%. The Swiss economy should return to pre-crisis levels towards the end of 2021. For 2022, GDP is projected to grow 3.1%.
