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Worst of the recession might be over

The worst of the world economic crisis could be nearing an end, says the vice chairman of Switzerland's central bank.

This content was published on June 4, 2009 - 09:44

Swiss National Bank's Philipp Hildebrand said positive economic signals emerging out of Asia – particularly China – could herald a turning point for the global recession.

"Trade is not in a free fall anymore," Hildebrand told the weekly newspaper, WOZ.

Oil and commodity prices have been climbing and consumption has been "robust" in Switzerland, he said. "If people are worried about losing their job, consumption collapses quickly," he added.

The vice chairman said a turnaround was still far from certain and that Swiss lawmakers should still consider a third round of economic stimulus measures. The country still has to feel the full effects of the downturn.

The SNB has forecast a three per cent slump in Switzerland's economy this year, the worst in 30 years.

swissinfo.ch with agencies

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