by An empty restaurant in Lucerne on March 20 (Keystone) The coronavirus pandemic has fundamentally changed the economic outlook for Switzerland within a very short period of time, with Swiss CFOs more pessimistic than ever before. Neither during the euro crisis nor during the Swiss franc shock were chief financial officers as negative about economic prospects as they are today, according to the latest half-yearly surveyexternal link published on Monday by consultants Deloitte. Deloitte’s 38th CFO survey was carried out online between March 2-30. It thus straddled the government’s imposition of sweeping measures on March 13. Despite the circumstances, 90 CFOs of listed and non-listed companies took part. (Source: Deloitte) Although the surveys have been indicating
Topics:
Swissinfo considers the following as important: 3) Swiss Markets and News, 3.) Swiss Info, Business, Featured, 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?
An empty restaurant in Lucerne on March 20 (Keystone)
The coronavirus pandemic has fundamentally changed the economic outlook for Switzerland within a very short period of time, with Swiss CFOs more pessimistic than ever before.
Neither during the euro crisis nor during the Swiss franc shock were chief financial officers as negative about economic prospects as they are today, according to the latest half-yearly surveyexternal link published on Monday by consultants Deloitte.
Deloitte’s 38th CFO survey was carried out online between March 2-30. It thus straddled the government’s imposition of sweeping measures on March 13.
Despite the circumstances, 90 CFOs of listed and non-listed companies took part.
(Source: Deloitte)
Although the surveys have been indicating a cooling off for almost two years, there has now been a real crash in confidence: 97% of the CFOs surveyed after mid-March expect the economy to develop negatively over the next 12 months – and 41% of them even foresee a strongly negative dynamic.
In addition, two-thirds (67%) see a negative financial development for their company and only 15% see a positive one. Overall, 93% see their company’s future as less rosy than three months ago.
More than three-quarters (78%) expect a decline in sales, while more than half (52%) expect the number of employees to decline within a year.
Digitisation push expected
However, the majority of Swiss CFOs are actively countering the crisis, the survey reported. For example, 91% of companies have taken measures to curb the weak growth; the most frequently cited measures were cost savings and revenue generation.
The really successful companies were already looking at the post-crisis period, said Alessandro Miolo, responsible for the CFO study at Deloitte.
“They are examining possible purchases or sales of parts of the company and implementing necessary internal changes in a targeted manner. I expect a major push in digitisation as a result of the [coronavirus] crisis,” says Miolo.
You Might Also Like
Big reductions in Swiss public transport services
Swiss public transport has been widely reduced as of Monday, with the Federal Railways cutting back on services as part of nationwide anti-coronavirus measures. The scaling back of Europe’s most-used rail network in an effort to combat the spread of Covid-19 was announced last week as part of wider measures to reduce social contact and slow down the pace of life in the country.
France drops blocks on face mask exports to Switzerland
After Germany, France has lifted restrictions on the delivery of hygienic face masks to Switzerland. Some two million masks are needed each day, according to the Federal Office for Public Health. The French embassy to Switzerland made the announcementexternal link on Saturday, paving the way for two shipments of FFP2 hygienic masks to go ahead from France to Switzerland.
Swiss real estate market suffers fallout from epidemic
The Covid-19 crisis could spell an end to the previously rosy situation for Switzerland’s real estate investors. Investors in residential property look back on a successful 2019 both in terms of value increase and of returns. Forecasts for the current year were optimistic until recently, for both property owners and renters.
Swiss firms rush to claim emergency coronavirus loans
A third of a CHF20 billion ($21 billion) fund offering state guaranteed loans to small and medium sized Swiss companies has been used up just four days after being introduced. The loan facility has already promised CHF6.6 billion in funding of up to CHF500,000 to nearly 32,000 firms – an average of CHF207,000 per company.
EasyJet Switzerland seeks state aid as virus empties skies
Airlines around the world are battling to survive the coronavirus pandemic. After grounding its fleet of planes on Monday, EasyJet Switzerland has confirmed that it is hoping to receive Swiss state aid. EasyJet said on Monday that it had grounded its fleet of 344 planes and had no clear idea when it might resume flights. In Switzerland, the airline normally operates flights to Geneva, Basel-Mulhouse and Zurich airports.
Swiss commodities sector grapples with Covid-19 turbulence
The strategic importance of commodities and experience in handling fluctuations has helped commodity firms weather the coronavirus storm better than most. swissinfo.ch caught up with Florence Schurch, general secretary of The Swiss Trading and Shipping Association (STSA), to find out how the commodities sector is handling the crisis and what it means for Switzerland.
Swiss watch exports predicted to fall by 25 percent in 2020
The closure of shops caused by the spread of the coronavirus worldwide will cost Swiss watch firms dear, but exports are expected to rebound next year. “The Swiss watch industry will experience the largest decline in the past 50 years,” says a study published by private bank Vontobel on Wednesday.
Swiss hospitals reportedly running out of money
Cash-strapped Swiss hospitals, in the front line of the fight against coronavirus, are calling for financial help and an end to the ban on non-emergency procedures which has sapped revenue, reports the SonntagsZeitung newspaper. It quotes the director of Valais Hospital Hugo Burgener as saying “we need liquidity to pay salaries”, and writes that the Graubünden cantonal hospital will also have to raise an additional CHF20 million ($20 million) in the next few days.
Tags: Business,Featured,newsletter