Restrictions on international travel remain in force. Inflation in the US will remain above 5% until the end of the year. Economic momentum is already slowing down again in Europe.
Chart of the month
In the second year of the pandemic, many people in Switzerland are keen to spend their summer holidays abroad. Figures for Zurich Airport show a 60% increase in departures for the second half of July compared with the previous year. While other parts of the economy have already returned to pre-crisis levels, this is in no way the case yet for Europe’s passenger transport sector. A comparison of the current figures with those since 2011 shows that flight movements from Zurich are still more than a third lower than in the weakest year before the outbreak of COVID-19.