IMF praises Switzerland for weathering Covid-19 crisis

The International Monetary Fund (IMF) says Switzerland has managed to cope well with the coronavirus pandemic from a financial perspective. In its latest country report, the IMF applauded Swiss Covid support measures and monetary policy. “Switzerland has navigated the pandemic well. Covid-19 has had major social and economic impacts, but an early, strong, and sustained health and economic policy response helped contain the contraction of activity,” the IMF said in a statement on Monday. The Swiss economy shrunk by 3% in 2020, less than most other wealthy European countries. The IMF says it expects Swiss growth to hit 3.5% in 2021 and 2.8% in 2022. These are in line with Swiss National Bank predictions. According to the IMF, the economic impact of the pandemic was reduced thanks to “strong pre-pandemic fiscal, financial sector and household buffers, robust exports (pharmaceuticals, chemicals and gold), low dependency on contact-facing sectors, a capable health system, and targeted...