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IMF predicts Swiss growth to slow to 1.1percent in 2019

IMF predicts Swiss growth to slow to 1.1% in 2019

In 2019, Swiss growth is expected to be subdued due to a combination of factors, including subdued domestic demand, a sustained regional slowdown, global trade tensions and Brexit

The Swiss economy is likely to slow in 2019, with gross domestic product growth expected to hit 1.1%, followed by a “moderate” recovery in 2020, the International Monetary Fund said on Monday.

The IMF said in a concluding statement, published on Monday following a mission to Switzerland and an annual evaluationexternal link, that a “sustained regional slowdown, intensification of global trade tensions and a disruptive Brexit” would adversely affect the Swiss economy.

Other factors that are expected to impact growth include weak external demand, subdued domestic demand and the absence of biennial international sporting events. Inflation is expected to remain just below 1% this year.

The IMF also noted that uncertainties over corporate taxation and old-age pensions could increase volatility for business operations.

The IMF growth figure is slightly lower than the latest Swiss National Bank (SNB) forecast from a few days ago (1.5%), while the State Secretariat for Economic Affairs (SECO) also predicted 1.1% growth for 2019. In 2018, GDP growth stood at 2.5%.

The IMF delegation conducted the review of Switzerland from March 21 to April 1.

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