The economic research Institute BAK Economics occurs with respect to the Economic Outlook for Switzerland on the brake. The Institute is still growth in the gross domestic product (GDP) of 1.3 per cent. This BAK Economics said in a media release. So the Institute revised its own forecast from last December from 1.5 percent down.
The reason is clear: the implications due to the outbreak of the Coronavirus. In Switzerland especially, a damper in the case of services exports was to be expected, as the slump in the tourism demand, as well as the cancellation of many major events would leave traces, writes BAK Economics.
For the year 2021, the Institute expects some pent-up demand and a growth of 1.4 per cent would be likely. So far, the Institute went from a growth of 1.3 percent. A prerequisite is that the Virus will curbed in the coming months, writes BAK Economics. "If it comes to mind unchecked to a global pandemic, is expected to have massive production losses in Europe and the USA", it means more.
Seco warns also
Only at 17. In March, the state Secretariat for economic Affairs (Seco) released its Outlook for the coming years. In December, the Seco from a growth of 1.7 percent in 2020 and 1.2 per cent in 2021 from went. It is expected that the Seco revised its Outlook and down to adapt.
An Economist at Seco, told the news Agency AWP, the indirect effects from measures by the authorities "very seriously". This, if the whole economy had to be placed in centers to a standstill.
Even without the Corona is grown towards the end of last year, the Swiss economy according to the Seco, just very subdued. The GDP rose in the last quarter of the year to 0.3 percent. In the previous quarter, growth was 0.4 percent. For the full year 2019, Seco reported a growth of 0.9 per cent. In contrast to the previous year, a lower value of 2018, the GDP grew by 2.8 percent.
profit warning for Logitech
Many Swiss companies to warn their views of the upcoming year before that the Virus will have a dampening effect on your business. The Swiss computer accessories manufacturer Logitech has adjusted its forecast downward.
"the Biggest risk since the financial crisis,"
Warned that the world must set the economy on hard times, had, on Monday, the OECD. Laurence Boone, chief economist of the industrial organization of States, said that the Coronavirus is the biggest economic risk since the financial crisis. If the Virus should spread even more, is not to be excluded a recession.
The OECD expects economic growth of 2.4 percent, half a percentage point less compared to the previous year. This is the outbreak of the Coronavirus but only, if outside of China, as a moderate out. In another scenario, the OECD anticipates a Plus of 1.5 percent.
The analysts of Zürcher Kantonalbank for the Coronavirus that the global economy is "in all probability is likely to have to be in the first, and probably also in the second quarter, a significant slowdown".
counter No co-ordinated approach
To a crisis, signaling Central banks that they want to intervene if need be, such as the European Central Bank, or the British and the Japanese Central Bank. The Australian counterpart has lowered its key interest rate already at a record low as it announced on Tuesday.
The G-7, the largest industrial countries of the world, apparently, with a joint Declaration to the Coronavirus calm in the markets. As the news Agency Reuters writes, is to be released this Declaration on Tuesday or Wednesday. Concrete demands for government spending to support the economy, or even the co-ordinated interest rate cuts by Central banks were not, however, part of this statement, as Reuters reports further.
Created: 03.03.2020, 13:54 PMUpdated Date: 03 March 2020, 14:01