Although Switzerland is a small country in the middle of Europe, there are several cities within Switzerland that had great tourism before COVID (Swiss Economy, 2015). The reasons that Switzerland was so attractive to visitors, investors, and business owners are due to political stability, a clear legal system, low taxes, and the economy (Swiss Franc – Focus Economics, 2021). Additionally, being that Switzerland is recognized as one of the top 10 safest countries in the world, having the lowest rate of crime, thousands of patrons come to support Switzerland’s economy by way of tourism, investing, opening businesses, etc. (Discover Switzerland, 2013). Swiss-based banking plays a large role in keeping the economy great, especially large banks like Credit Suisse and UBS. Switzerland is also home to successful, wealthy businesses, like Rolex, Nestle, and Swatch.
However, after COVID, the economy was negatively impacted more than the financial crisis of 2008. The businesses, museums, and sports facilities that were once successful remained closed for over 1 ½ years in order to reduce infection (Swiss Info, 2021). Being that COVID is medical-based, it appears that medical fields and pharmaceuticals are still doing well financially post-COVID, while all other successful industries in Switzerland are suffering, like the watch industry (Economic Lessons, 2020). For example, the World Economic Forum will be held in Singapore this year, instead of Switzerland (Economic Outlook, 2020). Being that this is a global meeting that typically brings a lot of elective officials, tourists, etc., shifting the meeting from Switzerland to Singapore means that the economy will lose millions.
