Yes, seems to be world wide.
The combined global fiscal measures both pro active and ‘automatic’ seemed to have halted the slide.
Depressions are highly improbable with non convertible currency and floating fx policies.
Swiss Leading Indicators Rise, Signaling Slump Is Abating
By Klaus Wille
July 31 (Bloomberg) — Switzerlandâ€™s leading economic
indicators rose more than economists forecast in July, adding to
signs the worst economic slump in three decades is bottoming
The KOFâ€™s monthly aggregate of indicators that aims to
predict the economyâ€™s direction about six months ahead increased
to minus 0.99 points from a revised minus 1.49 in June, the
Zurich-based research institute said today. Economists had
forecast that the index would rise to minus 1.45 from an
initially reported minus 1.65, based on the median of 13
estimates in a Bloomberg News survey.
Switzerlandâ€™s economy is moving toward a recovery after a
0.8 percent contraction in the first quarter, reports this month
showed. The UBS consumption indicator increased for the first
time in three months in June and the slump in manufacturing
eased. In the euro area, the biggest buyer of Swiss exports,
confidence in the economic outlook rose to an eight-month high.
â€œThis figure is still low, meaning that Swiss gross
domestic product is likely to continue declining significantly
over the coming months relative to the previous year,â€ KOF said
in the statement. â€œHowever, the current barometer trend
indicates that the GDP growth rate should bottom out soon.â€
The Swiss National Bank forecasts that the Alpine countryâ€™s
economy will shrink as much as 3 percent this year, which would
be the steepest decline since 1975.