Skip to main content

What makes Switzerland’s economy resilient in face of COVID pandemic

Basel, Switzerland (Basel Area Business & Innovation)
| News

What makes Switzerland's economy resilient in face of COVID pandemic

15.10.2020

The COVID-19 pandemic has hit economies worldwide – and we have not yet overcome it. However, Switzerland is among the economies that will best weather the crisis and recover, according to a report from Horizon Group.

Basel, Switzerland (Basel Area Business & Innovation)

While there is no forecasting in how badly the crisis will play out in the future, there are factors that help countries in handling the effects. The Horizon Group conducted a report in which it explores the capacity of countries to recover and rebuild post-COVID. According to this report, the economy of Switzerland is well prepared to master the crisis.

Not surprisingly, Switzerland’s economy is within the top ranks when it comes to resilience. Ranked among the top 5 countries, Switzerland has all the factors that give a country strength in times of a crisis:

  1. Workforce adaptability
  2. highly digitalized economies
  3. strong governance
  4. social capital
  5. well-functioning financial systems.

Switzerland benefits from highest level of economic resilience

According to the authors, the economy in Switzerland benefits from the highest level of economic resilience worldwide, thanks to a solid mix of digitalization, education, skills, governance and social capital as well as its labour market agility. The latter ensures that employees can work from home and further enables workers to upgrade their skills and to change into different jobs. This factor goes hand in hand with the digitalization. Switzerlands strong digital skillset, the high education level of its inhabitants and the accessibility of the digital infrastructure are features that are not to be dismissed when it comes to the recovery after a crisis.

Switzerland is – correctly – considered a wealthy country with a high GDP, a low debt level and a stable financial system. However, trust in the institutions is equally important. Altogether this lead to quick and effective financial help for struggling businesses.

With its resilience, Switzerland remains one of the best adapted countries to weather the pandemic and its effects. Thus, it holds promise for companies who want to build on a solid foundation.

Share this article

Sign up to receive our newsletter in your inbox.

You may also be interested in

The power of a persuasive pitch deck

Are you an entrepreneur striving to secure investment for your biotech startup? Start with an effective pitch deck to catch...
Read More

Roche investing an additional 1.2 billion Swiss francs in Basel

Roche will be putting an additional 1.2 billion Swiss francs towards the renovation of its site in Basel. This investment...
Read More

Nouscom secures 67.5 million euros in financing

Biotech company Nouscom has raised 67.5 million euros in a series C financing round. The Basel-based firm intends to use...
Read More

Celebrating six months of innovation: i4Challenge accelerator New Ideas 2022/2023

On the 5th of July 2023, the 3rd iteration of the i4Challenge accelerator program New Ideas came to its conclusion....
Read More

How open innovation in healthtech hubs is fueling the rise of digital healthcare

How the ever-increasing uptake of digital solutions is enhancing patient engagement, increasing access to care and lowering the cost of...
Read More

How to access the U.S. market with your medical device

In one of our latest Venture Mentoring events by Basel Are Business & Innovation, we invited Nila-Pia Rähle to speak...
Read More

Do you have a question? We'd like to hear from you.