Impact of COVID-19 on Switzerland Economy Market Size, Share, Trends & Forecast to 2025

Switzerland is among the most developed nations and is a free market economy. The country was the 15th largest exporter across the globe, accounted for nearly $302 billion in 2018 and was the 13th largest importer globally with nearly $272 billion in 2018. The EU is Switzerland's key partner for trading. Nearly 43% of the country's exports are destined for EU countries and 78% of the country's imports reported from the EU. In 2019, nearly 83% of the country's exports of manufactured goods to the EU were reported as compared to the primary goods which represented 11% of EU exports of goods. The primarily exported manufactured goods include chemicals and machinery.

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Depreciation of key foreign currencies against the Swiss franc resulting in the effects of negative currency translation, which is now anticipate being higher as compared to estimated earlier. In 2020, the restructuring costs are expected to reach up to nearly $103 million, enabled by the factory closure in Spain and speed up of efficiency programs in selected countries. By considering the impact of COVID-19, higher restructuring costs and foreign currency headwinds, the company's net profit in 2020 is expected to be lower than 2019, in the order of magnitude of 20%.

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Switzerland government and banks are taking initiatives to reinforce the economy. For instance, on 13th March 2020, the government declared several measures which amounted to nearly $10.3 billion. These measures include compensation to decreased export promotional operations of nearly $4.6 million and nearly $10.3 million as a guarantee to the organizations for covering their additional costs. Other measures include emergency support to compensate salaries of temporary laying off and further effective measures for companies primarily affected worth $1 billion.

The study on the impact of COVID-19 on Switzerland economy is classified based on industries, such as energy, healthcare, aviation, machinery and equipment, and others. In healthcare industry, a significant demand for essential medical equipment and medicines has been witnessed due to the COVID-19 pandemic. Medicines, diagnostic equipment, and other medical supplies, including ventilators, are in significant demand to deliver better care to COVID-19 patients. The pharmaceutical and diagnostics equipment companies in the country are focusing on medications and diagnostic tests for the treatment of the condition.

The operations of some crucial companies getting affected by COVID-19 outbreak include Nestl� S.A., F. Hoffmann-La Roche AG, Novartis International AG, Lonza Group Ltd., and Stimit AG. On 24th March 2020, Nestle declared that they are suspending production temporarily at their plants in India, except for limited important products.

Verticals Affected Most

Energy
Healthcare
Aviation
Machinery and Equipment
Others (IT and Telecom)
Swisscom AG

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