Switzerland's Business Leader Fears More Job Cuts

Switzerland's Business Leader Fears More Job Cuts by Urs Geiser, swissinfo.ch
The head of the Swiss Business Federation expects companies to continue to lay off staff this year as a result of the strong Swiss franc and other factors.

Heinz Karrer, president of economiesuisse, says major firms as well as small- and medium-sized entreprises could cut thousands of jobs in Switzerland and transfer them abroad.

“I fear the process [of downsizing] has only just begun. We can’t expect to see a major economic upturn,” Karrer is quoted in the SonntagsZeitung newspaper.

He said the country’s export and tourism industry were likely to suffer most from the strong Swiss currency. A year ago Switzerland’s central bank decided to lift the cap...