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Economy to suffer and unemployment predicted to rise 4%

National News // April 24, 2020

Our top story is a stark warning from the government about the Swiss economy - which is expected to suffer its biggest contraction since the mid-1970s.


Photo by 🇨🇭 Claudio Schwarz | @purzlbaum on Unsplash Economy to suffer and unemployment predicted to rise 4%
Federal authorities predict GDP will contract by 6.7% in 2020, much worse than during the financial crisis.  
A prediction in March by a Basel-based Think Tank had put that figure at 2.5%.  
The government has revealed it only expects a very slow recovery in 2021 - providing there’s no need for further lockdowns. 
Private consumption is being threatened by rising unemployment and consumer uncertainty. 
Although the government has started to ease restrictions, the damage inflicted on small and medium sized business is becoming increasingly clear. 
Unemployment is also predicted to rise to around 4% going into next year. 
Switzerland’s economy has also been affected by the decision to postpone the Olympic Games and other sporting events - as so many associations are based in the country. 

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