The situation of the Swiss economy is comparable to a pan of milk on fire: it heats up and could suddenly overflow. Statistics released Tuesday by the State Secretariat for Economic Affairs (Seco) confirm the sharp deterioration in the Swiss economy last year. Gross domestic product (GDP) grew only 0.9%, down from 2.8% in 2018, due to uncertainties linked to Brexit, the trade war and the strong franc.
To which are now added those linked to the coronavirus: the OECD warned on the eve of a possible global recession in the first quarter because of the epidemic. In Switzerland, GDP is expected to grow 0.2% in the first three months of the year before stagnating in the second quarter, the BAK Institute warned on Tuesday. In this context, the Federal Councilor for the Economy, Guy Parmelin, is planning a summit on the threat on Thursday, which will bring together employers’ associations, unions and sectoral organizations.
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