Tag Archives: Business & Economy

On 18 June 2020, the Swiss National Bank (SNB) said it would maintain its negative rate of interest (-0.75%) and remains willing to intervene more strongly in the foreign exchange market. © Marekusz | Dreamstime.comThe coronavirus pandemic has led to a severe downturn in economic activity and a decline in inflation both in Switzerland and abroad. The bank presented a new lower inflation forecast than the one it issued in March 2020. The red line in the chart above shows deflation...

The coronavirus could cost Switzerland CHF 40 billion by the end of 2020, according to the Federal Council. © Pascal Halder | Dreamstime.comOn 11 June 2020, the Council of States, Switzerland’s upper house followed parliament in approving to extend the coronavirus budget by CHF 14.9 billion. The sum includes money to fund a hole in the unemployment benefits system (14.2 billion) and support the sporting industry (0.2 billion). In May 2020, parliament approved an overall sum of CHF 57...

In the seven days to 12 June 2020, the number of new SARS-CoV-2 infections recorded in Switzerland was 127. © Xantana | Dreamstime.comA similar number of new cases was recorded in the week before (108) and the week before that (121), according to Worldinfometer.com. However, the number of deaths was up slightly when comparing the recent week (17) to the week before (2). Switzerland has come a long way since its first confirmed case in Switzerland was recorded on 24 February 2020....

Switzerland’s GDP fell by –2.6 % in the 1st quarter of 2020, after rising by +0.3% in the previous quarter, according to a government press release. © Michael Müller | Dreamstime.comDue to the coronavirus pandemic and the measures to contain it, economic activity in March was severely restricted, said the statement. A global slowdown also affected exports. The service sector was the worst hit with accommodation and food services down -23.4%. Transport and communications (-5.1%), trade...

[caption id="attachment_459835" align="alignleft" width="400"] © Vladimir Fedorov | Dreamstime.com[/caption] Working from home is a mixed bag of pros and cons for most Swiss who were surveyed by gfs.bern in March and April 2020. But it worked for most. In 2019, before the outbreak of the corona pandemic, around 1.1 million employees in Switzerland occasionally worked from home. During the pandemic the number of hours worked at home...

Working from home is a mixed bag of pros and cons for most Swiss who were surveyed by gfs.bern in March and April 2020. But it worked for most. © Vladimir Fedorov | Dreamstime.comIn 2019, before the outbreak of the corona pandemic, around 1.1 million employees in Switzerland occasionally worked from home. During the pandemic the number of hours worked at home more than tripled. Before the virus an average employee spent 10.5 hours working from home a week. During the lockdown, the...

Switzerland’s highest court recently decided that an employee asked to work at home can claim a part of their rent from their employer, according to the newspaper 20 Minutes. © Ronstik | Dreamstime.comAn employee of a financial firm in Zurich, who got into a disagreement with their employer over the reimbursement of some of their rent, took their case to the Federal Tribunal, Switzerland’s highest court. The rental reimbursement related to the use of the employee’s home as an office....

40% of restaurants that have reopened in Switzerland fear they won’t survive, according to a recent industry survey by Gastro Suisse. © Rtdeleon04 | Dreamstime.comWhen Switzerland’s federal government allowed restaurants to reopen on 11 May 2020 around three quarters did. Many of those that didn’t, decided they wouldn’t be able to turn a profit operating with the required space and hygiene requirements. Those that did open report revenues on average 60% lower than over the same period...

Switzerland’s Federal Council plans to lift all travel restrictions and re-establish free movement of persons across the Schengen area no later than 6 July 2020 and possibly as early as mid June, it announced today. © Scaliger | Dreamstime.comIf the epidemiological evolution allows, restrictions on entering, working and living in Switzerland will be lifted for all Schengen states from mid-June and no later than 6 July, said the government. The Schengen area, which consists of 26...

From 6 June 2020, measures put in place to fight the spread of SARS-CoV-2 will be extensively eased, according to Switzerland’s government. © Regissercom | Dreamstime.comThe number of new cases of infection has remained low for a number of weeks now, as has the number of hospital admissions and deaths, said a press statement. From 30 May 2020, the limit on private gatherings in public will be increased from a maximum of 5 people to a maximum of 30. From 6 June 2020, organised...