(MENAFN- Swissinfo) After a weak start to the year, Switzerland's economy should recover rapidly from a heavy coronavirus-driven slump to grow by 3% in 2021, the government said on Thursday.
This content was published on March 11, 2021 - 11:42 March 11, 2021 - 11:42 SECO/Reuters/sb See in other languages: 3
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Suiza espera una rápida recuperación económica en 2021 - Português
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Governo suíço espera rápida recuperação econômica em 2021 - عربي
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الحكومة السويسرية تتوقع انتعاشا اقتصاديا سريعا هذا العام
Gross domestic product will fall 'significantly' in the first quarter of this year, after Covid-19 restrictions last December, the State Secretariat for Economic Affairs (Seco) said in a statementExternal link .
But the economic situation should pick up quickly if the pandemic situation in Switzerland evolves positively.
'Should the epidemiological development allow the gradual easing of coronavirus measures as intended, the domestic economy should recover very quickly,' Seco said.
'Various consumer opportunities that were largely unavailable in the winter months would re-emerge and lead to turnover rising again in the affected sectors. At the same time, growing global demand is set to boost exports.'
Unemployment is predicted to fall gradually and reach an annual average of 3.3 % for 2021.
Switzerland's economy shrank 2.9% last year as a result of Covid-19, the worst annual contraction since the aftermath of the oil crisis in 1975. But official figures showed that the second wave in the autumn had a less harmful effect, with the economy growing 7.6% in the third quarter before slowing to +0.3% in the last three months of the year.
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