Economic growth likely to stall in 2011
The Swiss economy is recovering well this year from the financial crisis, but bleak export prospects will weight it down in 2011, a government forecast says.
The State Secretariat for Economic Affairs (Seco) said on Thursday that overall the prospects for next year were “less positive than recently assumed”.
“As a consequence of the lively economic revival up to the middle of the year in Switzerland, the [Seco] expert group has increased the government’s growth forecast for 2010 to 2.7 per cent (previously 1.8 per cent),” Seco said in a statement.
But 2011 did not look so good, “due to modest world economic prospects as well as higher valuation of the Swiss franc producing significant drag and having a negative influence on Swiss export growth”.
Seco said that the economic recovery in Switzerland would not completely cease in 2011 but it would slow significantly. In June, Seco had predicted Gross Domestic Product to grow 1.6 per cent in 2011 but it has now revised that figure to 1.2 per cent.
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