Comparatively well placed to weather the carnage

Low levels of government debt mean that Switzerland and the Nordic economies are comparatively well placed to withstand the acute stresses being placed on the public finances – particularly compared to the euro-zone. That said, output everywhere will take years to return to its pre-virus peak, and the level of GDP at end-2022 will be between 4% and 8% below where it would have been in absence of the Covid-19.