Switzerland expects biggest economic slump in decades due to COVID-19 pandemic
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E-mail Xinhua, April 24, 2020
GENEVA, April 23 (Xinhua) -- Affected by the COVID-19 pandemic, Switzerland's GDP is expected to shrink by 6.7 percent in 2020, the worst economic recession in the country since 1975, according to a new report.
In its latest forecast report published on Thursday, the Swiss Federal Government's Expert Group also predicted that the average unemployment rate in 2020 in the country will reach 3.9 percent and the economy is only likely to recover slowly in 2021.
"Many companies in sectors including hospitality, retail, culture and leisure were forced to restrict or completely suspend their business activities, triggering an abrupt decline in production and private consumer expenditure," said the report.
According to the report, the global economy is to mount "only a sluggish recovery" in subsequent quarters, with key trading partners facing a fierce battle against lasting consequences of the coronavirus crisis.
As of Thursday, the Alpine country has reported a total of 28,496 confirmed COVID-19 cases and 1,268 deaths. Enditem
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