Swiss Government Sees A Deeper Recession for 2020 - Forex News by FX Leaders

Swiss Government Sees A Deeper Recession for 2020

Posted Thursday, April 23, 2020 by
Skerdian Meta • 1 min read

The global economy is going down the drains this year. The trade war of the last two years between US and China, as well as the fast reversal in the monetary policy from central bankers, hurt the global economy, which neared contraction. But, now one knew coronavirus was coming, which is killing the global economy.

First, economists predicted that major economies would fall in recession, now they are revising the recession deeper. The Swiss government predicted a 1.5% recession this year, but now they have revised it lower. Below is the report:

Swiss Government GDP Forecast

  • 2020 GDP down at –6.7% compared to -1.5% previously
  • 2020 jobless rate at 3.9% and 2021 at 4.1%
  • Sees economy rebounding 5.2% in 2021 vs -3.3% previously
  • Sees ‘significantly greater risk’ of pressure on the Franc
Forecasting is a fool’s game right now. There was hardly an economist in the world that was remotely close to the PMI numbers in Europe that were just released. That said, there’s this strong consensus among economists about big bounces in 2021 which is positive, but there’s also a strong consensus from scientists that COVID-19 isn’t going away next year. That’s tough to balance or predict how it will really turn out next year. Let’s just hope that the world doesn’t end, for now.
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