ETH Zurich Experts Downgrade Swiss Economic Growth Forecast| MENAFN.COM

Sunday, 26 June 2022 03:18 GMT

ETH Zurich Experts Downgrade Swiss Economic Growth Forecast


(MENAFN- Swissinfo) The KOF experts say the Swiss economy is holding its own also due to growing domestic consumption. Keystone/Alexandra Wey

The KOF Swiss Economic Institute has revised downwards its growth forecast for this year and 2023.

This content was published on June 22, 2022 - 10:44 June 22, 2022 - 10:44 swissinfo.ch/ug
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However, the unit of the ETH Zurich remains optimistic despite the war in Ukraine and rising inflation, according to a statementExternal link published on Wednesday.

The KOF institute is forecasting that Switzerland's gross domestic product will rise 2.7% this year and by 1.6% next year, driven by stable growth in industry and increasing domestic consumption.

The figures are slightly down from March when KOF expected GDP growth of 2.8% for the current year.

The economists say that the inflation rate in Switzerland is relatively low compared with other countries – 2.6% this year and 1.5% in 2023 – down 0.2% from the March forecast.

Last week, the State Secretariat for Economic Affairs (Seco) downgraded its growth forecast to 2.6%.

A third major panel of experts, the BAK BaselExternal link institute, is still to announce its latest assessment. In March, it put economic growth at 2.3% in 2022 and 1.7% in 2023. It also warned that inflation would be above 2%.

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