UBS cuts economic growth forecast
The country's biggest bank, UBS, has cut its forecasts for economic growth to reflect the weakening international climate.
The bank now expects a rise of 1.6 per cent in Gross Domestic Product for the current year followed by a figure of just over two per cent in 2002. In April, UBS predicted increases of 2.2 per cent and two per cent respectively.
The bank’s inflation forecast is kept unchanged at 1.4 per cent for this year and 1.6 per cent in 2002, while unemployment is expected to be 1.8 per cent this year before rising slightly to two per cent in 2002.
UBS says it expects the Swiss National Bank to cut interest rates by a quarter of one per cent when it announces its quarterly monetary policy statement on Thursday.
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