Switzerland’s growth hampered by trade tensions, economic slowdown
Trade tensions coupled with a slowdown in Europe are likely to take a toll on the Swiss economy over the next two years, the OECD forecasts.
This content was published on
1 minute
Keystone-SDA/ds
The Organisation for Economic Co-operation and Development (OECD) has revised its growth forecasts downwards for Switzerland. It also recommended Switzerland raise its retirement age.
Swiss GDP is expected to grow by 0.8% this year and by 1.4% in 2020, according to an OECD report published on Monday. Previously, Swiss economic growth had been projected at 1% and 1.5% in these respective years.
The Paris-based organisation blames a lack of vitality in foreign trade and investment, although these unfavourable factors are offset by low unemployment and robust domestic consumption.
Swiss growth will be close to its trend level, according to the OECD report, which states that higher wages and a strong labour market will support consumption. Global tensions “are one of the main risks” on the horizon, while negative interest rates are another source of concern. In this context, the OECD recommends Switzerland spend more in order to set inflation on an “upward trajectory”.
The OECD report also includes a section on population and ageing. The institution recommends setting the retirement age in Switzerland at 65 for both sexes, then gradually increasing it to 67 in line with increased life expectancy. Currently, the statutory retirement age is 65 for men and 64 for women.
Switzerland abstains from vote on Palestinian bid for full UN membership
This content was published on
On Friday, Switzerland abstained from the vote at the General Assembly on granting the Palestinians new rights at the United Nations (UN).
Protein in abdominal fat could help shape obesity treatment
This content was published on
The study analysed fat cells from different locations in the body, and found that those in the abdomen have unique properties.
North African asylum claims fall after rapid Swiss processing
This content was published on
The accelerated procedure, now out of its test phase, has resulted in a significant drop in applications from North African countries.
This content was published on
The artist's song "The Code" focuses on their journey as a nonbinary individual. It is one of the favourites to win this year's contest.
Swiss climate activists block vehicles near Gotthard tunnel
This content was published on
Around ten climate activists briefly blocked the A2 motorway near the northern entrance of the Gotthard tunnel on Thursday.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Trading costs rise after Switzerland’s loss of EU access rights
This content was published on
Switzerland’s loss of access rights to EU stock markets has concentrated trading in Zurich while raising costs for buying shares in smaller companies.
Has the EU scored an own goal with Swiss stock exchange freeze?
This content was published on
Of all the sticks the European Union could have used to beat Switzerland into line, freezing out its stock market is one of the most ineffectual.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.