BAK adjusts economic prediction downwards

A leading economics research institute – BAK Basel Economics – has once again lowered its growth forecast for the Swiss economy.

This content was published on September 16, 2008 - 13:45

BAK economists on Tuesday said they now expected growth in 2009 to be around 1.3 per cent versus the 1.6 per cent level forecast in June.

A statement said the reason for the lower growth outlook was the deteriorating worldwide economic situation, with Switzerland feeling the effects in particular of low growth in the Eurozone.

It noted that recent developments in the United States were a sign that the crisis on the financial markets was far from over.

BAK said the Swiss economy would develop more stably than that in other industrialised countries thanks to a healthy real estate market, the good situation of exports and strong private consumption.

The Basel economists had revised their forecast for 2009 from two per cent to 1.6 per cent in the summer.

BAK is maintaining its growth forecast for this year at two per cent.

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