IMF praises strong economy but issues warning
The International Monetary Fund (IMF) has given the Swiss economy a passing grade for 2007 but predicts global pressures will curb growth over the coming years.
In a report presented in Bern on Monday, the IMF attributed Switzerland’s performance to the strength of its financial sector, but added that “consistent and forward-looking” policies played a role.
“Switzerland’s position as a major global financial centre was reinforced,” it said in its concluding statement.
However, the IMF also warned that the current turbulence on the global financial markets and the rising price of oil would have a negative impact on the Swiss economy.
It predicted that Switzerland would avoid a recession, but that economic growth would decrease from 3.1 per cent in 2007 to less than 1.5 per cent in 2008.
It also said it expected inflation to drop 2.0 per cent in 2008 and to 1.4 per cent in 2009.
The IMF praised Swiss authorities for responding “vigorously” to the secondary effects of current market turmoil.
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