Budget Balance (% GDP): - 1.2

Population: 8.7m

The right-wing Swiss People’s Party (SVP), which holds the largest share of
parliamentary seats and two places in the seven-member Federal Council (the cabinet),
faces a rising challenge from the Greens, the fastest-growing party. An SVP-sponsored
referendum on limiting EU immigration was rejected in September 2020, further
damaging the SVP’s flagging brand. A strict covid-19 lockdown, which provoked rare
street protests, suppressed contagion and deaths but at a high economic cost, which in
2021 will be only partially repaired.

TO WATCH: Outsiders. Switzerland and Britain will implement a trade deal replicating
existing arrangements when Britain’s post-Brexit transition runs out at the end of 2020.

Turkey

GDP growth: 3.6%

GDP per head: $7,690 (PPP: $29,900)

Inflation: 10.8%

Budget Balance (% GDP): - 4.8

Population: 85.0m

The president, Recep Tayyip Erdogan, responded to the slump caused by covid-19 by
pressing the central bank to relax monetary policy and by pushing more credit into the
economy through state-run banks, undermining the country’s already fragile financial
stability. The foreign creditors on which the country relies are becoming increasingly
cautious, while scarce foreign reserves will make it hard to defend the lira, deepening
the risk of a currency crisis. The country is heading for a hard landing in 2021 and is
becoming ever more isolated.