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.

This content was published on December 19, 2022 minutes

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 statementExternal link 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.

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