Good - But good enough?

What then is the reason for this resilience of the Swiss economy?

Firstly, everyone agrees that the Swiss government acted quickly and decisively in March. In addition, good structures were in place. Reduced working hours, for example, have proven their worth as a stabilising element in the crisis. The emergency loan programme referred to previously has also received a lot of praise, as an example of how business (in this case the banks) and politicians can work well together in a crisis. Moreover, the state is only slightly in debt and has even been able to reduce its debt over the past 20 years. This has meant that the starting position was already good. Secondly, the economy has also proven to be strong and resilient for the most part. Thirdly, “soft” factors have helped weather difficult times. The crisis has brought many people together, says Ursula Nold. Albrecht Enders, Professor of Strategy & Innovation and a member of IMD’s Executive Board, brings an outside perspective: as a German, he finds

it fascinating to observe how the Swiss are pragmatically seeking ways out of the crisis in unprecedented fashion, going beyond the limits of ethnicity, culture, national boundaries, and interested stakeholders. It is a privilege to live and work here, as Katharina Lange confirms. Despite the limitations, the positive underlying tone also finds confirmation in the survey of all participants in July. Although a third of those surveyed experienced sales slumps of between 20–50%, and another 20% had even lost more than half of their business during the lockdown, almost half of them took a positive view of the post-lockdown future. That said, the divided outlook of participants in SEF. Interactiv is reflected by the fact that 30% of participants expect a gloomy future.

Resilient? Definitely - up to a point

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