Swiss gov't expects deep recession due to coronavirus

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.