Switzerland's economy, which is considered one of the most resilient and stable in the world, has also fallen prey to the coronavirus pandemic. Recent data revealed that the country experienced a deep economic downturn.
Switzerland's GDP plunged by 7.3% in the second quarter of this year, logging the biggest drop in more than 40 years, a report from the Swiss State Secretariat for Economic Affairs (SECO) showed. Notably, the record has been held since 1980. Never ever before has the indicator notched such negative results. According to statistics, private consumption slumped by 8.1% in the period of the first 6 months of 2020. The export of goods and services slumped by 6.5% and 15.3%, respectively. At first glance, such grim data should raise concerns in the government. However, Switzerland's officials think differently. The country had no illusions about a bright economic future given the devastating consequences of the pandemic. Therefore, economists braced for the worst and expected a decline in GDP of at least 8.2%. The final GDP figure turned out to be better than projected. The government is tackling the pandemic crisis slowly but surely. Presently, it is too early to talk about a return to pre-crisis indicators, but Switzerland's economy is sure to recover gradually.
According to the International Institute for Management Development, Switzerland is still at the top of the world's most economically competitive countries. Singapore, Denmark, the Netherlands, Hong Kong, Sweden, Norway, Canada, the United Arab Emirates, the United States, and Taiwan are also included on the list of the world's best economies.
