Swiss get the bill for SNB U-turn as economy seen in recession

Zurich

THE Swiss National Bank (SNB) may see the fallout from its dramatic policy U-turn delivered in one word this week: recession.

Seven months after the central bank scrapped its currency cap, Switzerland is dealing with declining exports, stagnant manufacturing and plunging prices. Economists forecast gross domestic product shrank 0.1 per cent in the last quarter, a second consecutive contraction that would mark the first recession in six years. The data is due on Friday.