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OECD predicts shrinking Swiss economy

The Organisation for Economic Cooperation and Development (OECD) has drastically cut its economic forecast for Switzerland.

Instead of growing by 1.4 per cent in 2009 as previously predicted, Swiss gross domestic product (GDP) will now contract by 0.2 per cent, the organisation said in its biannual Economic Outlook on Tuesday.

In addition, the OECD reckons unemployment in Switzerland will grow next year from 3.5 per cent to 3.9 per cent, and exports will grow by only 2.1 per cent, considerably less than in 2008.

Also on Tuesday a survey revealed that the Swiss, despite considering the global economic crisis a threat, were nevertheless more confident for the future than people in Germany, France, Greece, Italy, Austria, Russia, Hungary and the United States.

More than 10,000 people were questioned in those countries, with 54 per cent of Swiss respondents finding the economic situation "good" or "quite good". This compared with 29 per cent in Germany, 17 per cent in the US and a mere four per cent in Hungary.

Four out of five Swiss were satisfied with their personal situation.


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