World Economy

Swiss Franc Above Expectations

Swiss Franc Above ExpectationsSwiss Franc Above Expectations

When the Swiss central bank abandoned its cap on the franc back in January, corporate Switzerland warned of an economic “tsunami” that would hit exports, hammer jobs and plunge the Alpine nation into a deep recession, Reuters reported. Four months later, however, the country appears to be holding up better than the doomsayers had predicted. At an annual gathering of business leaders in St. Gallen this past week, Swiss firms said they were weathering a sharp rise in the Swiss franc’s value against the euro since the cap was scrapped by adjusting prices, emphasizing new markets and seeking more flexible hours from staff.