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%
Topics:
Swissinfo considers the following as important: 3) Swiss Markets and News, 3.) Swissinfo Business and Economy, Featured, Latest News, newsletter
This could be interesting, too:
Frank Shostak writes Assumptions in Economics and in the Real World
Conor Sanderson writes The Betrayal of Free Speech: Elon Musk Buckles to Government Censorship, Again
Nachrichten Ticker - www.finanzen.ch writes Bitcoin erstmals über 80.000 US-Dollar
Nachrichten Ticker - www.finanzen.ch writes Kraken kündigt eigene Blockchain ‘Ink’ an – Neue Ära für den Krypto-Markt?
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.
Tags: Featured,Latest news,newsletter