ZURICH (Reuters) – The global economic slowdown which has brought countries like Germany close to a recession is spreading to previously resilient Switzerland, according to data from Swiss engineering companies on Wednesday.
Orders reported by Swiss machinery makers in the first half fell 12.5% in the first-half of 2019, industry group Swissmem said, with the downturn intensifying during the second quarter when they plunged nearly 20%.
“There are multiple signals of a weakening global economy, a global trade war which hits small countries more than big ones, and a lot of uncertainties in the Eurozone which has led to a rise in the Swiss franc,” said Swissmem President Hans Hess. “That’s a dangerous cocktail.”
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