A marked upturn in growth is expected during the year at the end of the lake. However, some branches will continue to suffer.
In Geneva, the economy should regain color. After an estimated decline of 3.5% in 2020, the canton’s gross domestic product (GDP) is expected to grow by 4% this year, the Cantonal Statistics Office (OCSTAT) said on Wednesday. The new measures of the Federal Council do not call into question the most probable scenario, which predicts a resumption of growth during the year. At most, these measures could delay the stimulus movement. The situation is in any case not comparable to that which prevailed in March 2020, when the Covid crisis erupted, and which caused the economic collapse.
Some sectors will even return to their pre-crisis level, such as chemicals, watchmaking, jewelry, finance, international trading, health-related activities, as well as part of business services. On the other hand, the branches which are suffering the most from the health crisis should only see their situation improve in a second phase and in a very gradual manner. These are hotels, restaurants, air transport, non-food trade, culture, sport and events. These sectors also risk having to face major structural adjustments, notes OCSTAT.