Switzerland will lose four percent of GDP due to the complete rejection of Russian energy sources, said Yngve Abrahamsen, an expert at the ETH Zurich Center for Economic Research.
Every resident of Switzerland will begin to lose 3,000 francs annually due to the decision of the authorities to refuse gas from Russia, Abrahamsen explained in an interview with Sonntagszeitung. In terms of the Russian currency, this is about 375 thousand rubles.
“A market downturn of this magnitude is large enough to trigger an industrial recession,” he said.
Now the Swiss economy is recovering from the coronavirus pandemic, which will help the country “survive the recession,” the expert added. He believes that a gradual phasing out of Russian gas is possible, but for this it will be necessary to use our own fuel reserves.
The increase in the price of gas and food for Switzerland is inevitable, analysts are sure. Even partial rejection of Russian gas will cost the Swiss government 3 billion francs to maintain heating.
“The current crisis will undoubtedly make itself felt in the coming months,” said Mirabaud bank investment specialist John Plassard.
According to the analyst, the rise in prices will affect basic foodstuffs, including dairy products and bread. They can rise in price by about 15 percent.
Anti-Russian sanctions have affected many European countries, including Germany. Fuel prices in the country have skyrocketed, hurting small and medium-sized businesses.