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