COVID-19 will be a one-off hit. The COVID-19 pandemic will hit economic growth and tax revenue in Switzerland. Cantonal measures to implement the corporate tax reform have finally been approved by a cantonal referendum. The canton of Solothurn benefits from increased payouts from the Swiss National Bank (SNB) in 2020, mitigating the fall in tax revenue. An economic rebound in 2021 should help mitigate the financial effects. We believe that measures to contain the spread of the virus will be lifted in the second quarter of 2020, limiting economic contraction in Switzerland. We also expect a significant economic rebound in 2021. We assume the canton's prudent management will continue to implement budgetary measures to limit pressure on debt and liquidity
