Swiss Federal Government’s Expert Group said the country’s GDP is set to decrease in Q1. But following the easing of coronavirus measures, the economy should have a “rapid recovery” subsequently. Nevertheless, “uncertainty remains extremely high”.
The Expert Group kept 2021 GDP growth expectation unchanged at 3.0%, adjusted for sporting events. That would be “above-average rate by historical standards”. Pre-crisis GDP level would be exceeded “by late 2021”. Unemployment rate is expected to fall gradually and reach an annual average of 3.3% for 2021, also unchanged.
For 2022, the Expect Group predicts 3.3% GDP growth (revised up from 3.1%), with unemployment rate averaging 3.0%.