Swiss economy could lose up to CHF35 billion to pandemic
Coronavirus will cost the Swiss economy CHF22 billion ($22.7 billion) in lost productivity in the best-case scenario, economists have warned. Losses could easily mount up to CHF35 billion between March and June.
This content was published on
2 minutes
swissinfo.ch/mga
Español
es
Calculan pérdidas de hasta 35 000 millones de francos
The retail, transport and hospitality sectors in particular are suffering from the consequences of the pandemic.
Much of the cost is being caused by the closure of companies and the effects of workers getting ill or being in quarantine, says KOF. But 44%-71% of the negative economic consequences of Covid-19 are likely to be caused by disruptions in trade with other countries.
“Even if the current strategy is successfully implemented, the economic costs for Switzerland will be largely determined by the international environment,” said Jan-Egbert Sturm, director of KOF. “Unless the crisis is contained globally, the economic problems in Switzerland will remain severe.”
The Swiss lockdown which began on March 17 will continue until at least April 19. But on Tuesday top Swiss health official Daniel Koch warned that “we are only halfway there, maximum.”
KOF has previously called on the government to do more to protect the economy during the pandemic. The government has so far set aside more than CHF60 billion to cover lost wages, issue emergency loans to companies and inject emergency funding into specific sectors.
More
More
Coronavirus: the situation in Switzerland
This content was published on
An overview of the latest Covid-related information in the Alpine nation.
Should raw milk sales be banned or should consumers decide?
Swiss food regulations do not allow raw milk to be sold for direct consumption. However, a loophole allows 400 raw milk vending machines to do just that.
Is reforming the Swiss pension system still possible, and if so, how?
Solutions still need to be found to meet the challenge of an ageing population and to improve the pensions of low-paid workers, the majority of whom are women.
This content was published on
Czech President Petr Pavel and his wife, Eva Pavlova, arrived in Switzerland on Tuesday at the start of a two-day state visit.
Study shows proliferation of non-native plants is driver of insect invasions
This content was published on
A global study has revealed that insect invasions are being driven by the proliferation of non-native plants. This can can massively disrupt ecological processes, often leading to serious economic impacts.
Swiss set record for world’s longest hyperloop test
This content was published on
Swiss scientists have established a record for the longest-ever hyperloop journey at a facility in Lausanne, Switzerland.
This content was published on
The Swiss army wants to purchase new German armoured howitzers to replace its existing artillery system which has been in operation for over 50 years.
Poll suggests Donald Trump has many fans in Switzerland
This content was published on
Around a quarter of Swiss citizens would vote for Donald Trump if they had the chance, according to a recent poll. This percentage is higher than in many other European countries.
Swiss court rejects special assistance for student with disabilities
This content was published on
The Swiss Federal Court has rejected an application for special assistance from a student with disabilities at the federal technology institute ETH Zurich.
Police arrest 15 drug dealers in Verbier in southern Switzerland
This content was published on
Swiss and French police have arrested 15 suspected drug dealers operating in the mountain resort of Verbier in southern Switzerland.
New European space tech centre in Switzerland launches its first project
This content was published on
The European Space Deep-Tech Innovation Centre (ESDI), launched in collaboration with the Paul Scherrer Institute (PSI), is to be located in the immediate vicinity of the PSI in northern Switzerland.
Swiss Federal Railways launches campaign for safety on public transport
This content was published on
The Swiss Federal Railways is launching a campaign for greater respect and safety on public transport, with posters to go up in stations and on trains starting next week.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Government urged to do more to help companies
This content was published on
The government should boost its efforts to help businesses tackle the coronavirus crisis, says the director of the KOF Swiss Economic Institute.
Recession is unavoidable, reckon Swiss finance bosses
This content was published on
The coronavirus pandemic has fundamentally changed the economic outlook for Switzerland, with Swiss CFOs more pessimistic than ever before.
Pandemic pushes more Swiss businesses to short-time working
This content was published on
In order to avoid mass lay-offs, Swiss firms are resorting to a measure that has proved its worth in times of crisis: short-time working. What is it?
‘Anti-malaria drug can kill coronavirus’: Novartis chief
This content was published on
Swiss pharmaceutical giant Novartis believes the anti-malaria drug hydroxychloroquine offers one of the best hopes to combat coronavirus.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.