OECD predicts economic slowdown

The Swiss economy faces a cold six months, according to the Organisation for Economic Co-operation and Development (OECD).

This content was published on November 28, 2011 - 12:35 and agencies

Weak exports and a strong franc will continue to dominate the economic situation until the middle of next year, it said on Monday.

The Paris-based organisation expected the economy to pick up a little in the second half of 2012 thanks to a global revival.

It predicted Swiss economic growth for 2012 of 0.8 per cent, compared with 1.8 per cent for this year.

The OECD said Swiss economic growth depended on the debt crisis in Europe and the strong franc, adding that the Swiss National Bank’s (SNB) decision in September to set a minimum exchange rate of SFr1.20 to the euro had been appropriate given the franc’s rapid and strong appreciation.

This, it said, was the only way the SNB could guarantee price stability.

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