by © Marekusz | Dreamstime.com According to the International Monetary Fund (IMF), Switzerland has economically navigated the Covid-19 pandemic well so far. In 2020, the Swiss economy shrank by 2.9%, far less than many other advanced European economies. France (-8.2%), Germany (-4.9%), Italy (-8.9%) and the UK (-9.9%) all performed far worse. According to the IMF, ...
Topics:
Investec considers the following as important: 3) Swiss Markets and News, 3a) Health, Business & Economy, Business & Economy, Coronavirus Switzerland, Covid-19 Switzerland, Editor's Choice, Featured, health, newsletter
This could be interesting, too:
Frank Shostak writes Assumptions in Economics and in the Real World
Conor Sanderson writes The Betrayal of Free Speech: Elon Musk Buckles to Government Censorship, Again
Nachrichten Ticker - www.finanzen.ch writes Bitcoin erstmals über 80.000 US-Dollar
Nachrichten Ticker - www.finanzen.ch writes Kraken kündigt eigene Blockchain ‘Ink’ an – Neue Ära für den Krypto-Markt?
© Marekusz | Dreamstime.com
According to the International Monetary Fund (IMF), Switzerland has economically navigated the Covid-19 pandemic well so far.
In 2020, the Swiss economy shrank by 2.9%, far less than many other advanced European economies. France (-8.2%), Germany (-4.9%), Italy (-8.9%) and the UK (-9.9%) all performed far worse.
According to the IMF, the impact of the pandemic in Switzerland was cushioned by solid public and household finances, competitive export industries, a large well-capitalised financial sector, low dependency on contact-intensive sectors, a well-resourced healthcare system and targeted containment measures.
In addition, swift emergency spending exceeding 10% of GDP, which provided targeted support for households and businesses, was crucial to curbing the economic slowdown, said the IMF.
The IMF recommends Switzerland maintain targeted support and keep monetary policy loose until recovery is secured. It also recommends continuing to keep an eye on real estate price developments and taking early action if needed.
Over the longer term the IMF highlights the need to reform pensions. Here it suggests raising the retirement age and linking it to life expectancy.
The IMF forecasts 3.5% GDP growth in Switzerland in 2021, although it says that high uncertainty and downside risks remain.
You Might Also Like
Weekly SNB Sight Deposits and Speculative Positions: SNB selling euros and dollars
2021-04-12
Update April 12 2021: SNB selling euros and dollars. Sight Deposits have fallen: The change is -0.5 bn. compared to last week, this means the SNB is selling euros and dollars.
France asks Switzerland for help with Covid patients
2021-04-09
The French region of Bourgogne-Franche Comté has contacted several Swiss cantons and asked them if they would take Covid patients, according to RTS. Jacques Gerber, the minister of health in the canton of Jura told RTS that there had been a request from France to prepare in case French hospitals become overloaded.
Switzerland’s low-income earners hit far harder despite lower Covid-19 infection rates
2021-02-28
The economic impact of the Covid-19 pandemic has hit low-income households far harder than those on high incomes, according to a study published by the KOF Swiss Economic Institute at ETH Zurich.
Record fall in Swiss hotel occupancy in 2020
2021-02-26
In 2020, the number of overnight stays in Swiss hotels fell by 40% to 23.7 million, a fall of 15.8 million nights compared to 2019. The fall, driven by Covid-19, is the largest fall in overnight stays in Switzerland since the end of the 1950s, according to Switzerland’s Federal Statistical Office.
Covid: Switzerland grants approval for second vaccine
2021-01-13
On 12 January 2021, Swissmedic, the Swiss agency for the authorisation and supervision of pharmaceutical products, approved a second vaccination against the SARS-CoV-2 virus for the Swiss market.
Covid: closing Swiss schools one of most effective measures, says study
2021-01-11
The number of Covid cases went down significantly in Switzerland during spring as a result of schools closing, according to a study by ETH Zurich, reported RTS. Researchers at the university analysed anonymised mobile phone data of 1.5 billion movements of the Swiss population between 10 February and 26 April 2020. They used this data to calculate how much certain measures reduced mobility and contact.
Covid, December 16: declaring extraordinary situation pointless right now, says Swiss minister
2020-12-16
Speaking to broadcaster RTS, Swiss health minister Alain Berset said the pandemic was under control and that it currently made no sense to declare an extraordinary situation, a provision in Swiss law on managing infectious diseases that allows the Federal Council to take charge of the situation over and above cantonal governments.
Covid, November 19: Swiss ICU numbers reach new peak as infection rate moderates
2020-11-18
Over the last 48 hours, Switzerland’s Federal Office of Public Health (FOPH) reported a further 227 deaths among laboratory-confirmed Covid-19 cases, bringing the death toll to 1,654 since summer and 3,385 since the beginning of the year.
Tags: Business & Economy,Coronavirus Switzerland,Covid-19 Switzerland,Editor's Choice,Featured,Health,newsletter