April 23, 2020 / 12:02 PM / a month ago

Swiss gov't expects deep recession due to coronavirus

ZURICH, April 23 (Reuters) - The Swiss government forecast the country’s economy will shrink 6.7% this year, saying it expected the recession triggered by the coronavirus epidemic to be worse than initially feared.

It expects the economy to grow 5.2% next year adjusted for large sporting events, the State Secretariat for Economic Affairs (SECO) said on Thursday in a revision of its March forecast.

It had originally said it expected the country’s economy to shrink 1.5% in 2020, before rebounding with a 3.3% increase in output in 2021. (Reporting by John Revill; Editing by Michael Shields)

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