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Report: Swiss government gearing up for possible recession, says economy chief

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Report: Swiss government gearing up for possible recession, says economy chief

Switzerland is making preparations for potentially slipping into recession amid fears of a global downturn, the country's Economy Minister Guy Parmelin told newspaper Schweiz am Wochenende, Bloomberg News reported Sept. 28.

Parmelin pointed to several signs of a slowdown, including the U.S.-China trade dispute and a stagnating German economy.

The Swiss economy grew 0.3% in the second quarter, following a revised 0.4% expansion in the prior three-month period, according to the Federal Statistical Office.

"The development of domestic and foreign demand was weak, as in other European countries, which had a particularly negative impact on the service sectors," the Federal Statistical Office said.

The government reportedly projects GDP growth of 1.7% next year, thanks to international sporting events.

"Unadulterated economic growth is probably slightly lower," Parmelin said.