The economy of Switzerland, which is considered one of the best in the world, collapsed on record amid the crisis provoked by the coronavirus pandemic and the restrictions imposed because of it. According to Reuters, the country's GDP in the second quarter of this year fell by 7.3 percent, a similar decline was recorded for the first time in several decades.
The State Secretariat for Economic Affairs (SECO) of the country indicated that this is the sharpest drop since the first calculation of the indicators in 1980. According to analysts, in the first half of 2020, personal consumption fell by 8.1 percent, exports of goods fell by 6.5 percent, and exports of services fell by 15.3 percent.
At the same time, economists were building more pessimistic forecasts for the economy: they predicted a reduction of at least 8.2 percent. In the third quarter, analysts expect a gradual recovery in economic growth, but it is too early to talk about a return to pre-crisis indicators. In general, at the end of the year, the Swiss authorities are expecting the strongest recession since the 1970s.
According to a recent study by the International Institute for Management Development (IMD), Switzerland is at the top of the world competitiveness ranking. Singapore, Denmark, the Netherlands, Hong Kong, Sweden, Norway, Canada, the United Arab Emirates, the United States, and Taiwan are also ranked among the best economies in the world.