Zurich: Switzerland’s economy will fall into a recession this year due to the Swiss franc’s surge after the central bank stopped capping its value against the euro, and plunging oil prices, the KOF institute said on Wednesday.
“The KOF is expecting a short recession in the summer semester, with gross domestic product falling by 0.5 per cent during 2015 as a whole,” the KOF economists said in a statement.
Switzerland’s economy minister said last week it did not consider it appropriate to launch a programme to support Switzerland’s economy and domestic demand after the central bank abandoned the currency cap earlier this month.
