Switzerland's 2020 Budget Deficit Totals Record $17.6 Billion - Government
ZURICH (UrduPoint News / Sputnik - 18th February, 2021) Switzerland's budget deficit due to the coronavirus pandemic totaled a record 15.8 billion francs ($17.6 billion) in 2020, the country's government said in a statement.
The deficit can be attributed to the coronavirus pandemic: on the one hand, the federal government has received less revenues as a result of the economic downturn, on the other hand, it has incurred high costs to mitigate the economic impact," it said.
According to preliminary estimates of the Swiss authorities, in 2021 the budget deficit will be more than $22 billion. Most of these funds, almost $19 billion, will go to address the consequences of the COVID-19 pandemic.