Business lobby paints bleak economic outlook

Business leaders on Monday said the Swiss economy had entered a "deep recession".

This content was published on June 15, 2009 - 12:47

The Swiss Business Federation, economiesuisse, predicted economic growth would drop to -2.9 per cent for 2009 and -0.8 per cent in 2010, with prices staying relatively stable.

Unemployment rates could reach four per cent on average in 2009 and 5.3 per cent in 2010.

The group said the financial crisis would hit the economy and consumer spending squarely in 2010. After a 13.3 per cent drop in exports in the first four months of 2009, they are expected to stabilise in the second half of the year.

A continuing recession would require businesses to adapt to lower demand and cut jobs.

Switzerland slipped into recession in the middle of 2008 and the Swiss National Bank expects the economy to shrink by up to three per cent this year, which would represent the worst decline in three decades. with agencies

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