However, the unit of the ETH Zurich remains optimistic despite the war in Ukraine and rising inflation, according to a statementExternal link published on Wednesday.
The KOF institute is forecasting that Switzerland’s gross domestic product will rise 2.7% this year and by 1.6% next year, driven by stable growth in industry and increasing domestic consumption.
The figures are slightly down from March when KOF expected GDP growth of 2.8% for the current year.
The economists say that the inflation rate in Switzerland is relatively low compared with other countries – 2.6% this year and 1.5% in 2023 – down 0.2% from the March forecast.
A third major panel of experts, the BAK BaselExternal link institute, is still to announce its latest assessment. In March, it put economic growth at 2.3% in 2022 and 1.7% in 2023. It also warned that inflation would be above 2%.
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Swiss lower economic growth forecasts due to war and inflation
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Switzerland has downgraded its economic growth forecast for 2022 to 2.6% due to the war in Ukraine and uncertainties in China.
Swiss economy holds up despite Ukraine uncertainty
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Economists have confirmed their previous growth forecast for Switzerland of just under 3% for 2022, but this is only in the most favourable scenario.
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