Previous post Next post

Growth forecasts for Switzerland lowered further

Buildings near Kyiv destroyed by a Russian airstrike on December 14. The war in Ukraine is one factor weighing down the Swiss economy. Keystone / Oleg Petrasyuk

Growth forecasts for Switzerland have been revised downwards for the current year and 2023 by the KOF Swiss Economic Institute, amid fears of a global recession and the war in Ukraine. The economists also changed their predictions for inflation.

The KOF Consensus Forecast expects gross domestic product (GDP) to grow by 1.9% this year, compared with the figure of 2.2% it gave in October. For 2023, GDP should grow by 0.7%, down from the previous prediction of 1%, the research centre of the federal technology institute ETH Zurich said in a statement on Monday.

Inflation is expected to be 2.9% in 2022 and 2.3% in 2023. Three months ago the experts who took part in the survey expected inflation to be 3% and 2.4% respectively.

The slowdown in the global economy is also expected to weigh on the labour market. The unemployment rate is expected to rise from 2.2% to 2.3% in 2022 and to 2.4% next year.

Last week the Swiss National Bank (SNB) said it expected GDP to improve by around 2% this year and 0.5% next year. The State Secretariat for Economic Affairs (SECO) predicts 2.1% and 0.7% for 2022 and 2023.

Some 20 economists took part in the KOF study, which was conducted between November 29 and December 14.

Full story here Are you the author?
About Swissinfo
Swissinfo
SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.
Previous post See more for 3.) Swissinfo Business and Economy Next post
Tags: ,,

Permanent link to this article: https://snbchf.com/2022/12/growth-forecasts-switzerland-lowered-further/

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.