Experts pessimistic about 2023 outlook for Swiss economy
The BAK Economics market research institute has confirmed its forecast for the Swiss economy this year, but it is more pessimistic about 2023.
The Basel-based institute said it expected growth of Switzerland’s gross domestic product of 2.5% in 2022, as the economy coped well with a series of challenges.
However, the BAK experts have downgraded the growth outlook for next year to 0.9% from 1.4% in June, according to a survey published on Tuesday.
They warn that the expected energy shortage in Europe and a tightening of the monetary policy by the central banks would have a negative impact on Switzerland’s economy.
Economic growth forecasts by major research institutes and organisations range between and 1.8% and 2.8% for this year and 0.9% to 1.6% for 2023.
BAK slightly raised its inflation forecast to 2.6% for 2022, up 0.1%. Experts have reiterated that they expect the rate to drop to around 1% next year.
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