Switzerland has gone into recession after official figured proclaimed the Swiss economy has contracted by 0.8% in the first three months of this year.
The slump came after a contraction of 0.3% in Q4 2008, The BBC reports, and Switzerland is therefore considered to be in recession due to two successive quarters of economic decline. Switzerland's major banks have contributed to the country's economic malaise, reporting huge losses linked to bad debts, like many global financial institutions.
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