The State Secretariat for Economic Affairs (Seco) says there are “mounting indications” that export development will worsen next year, resulting in an economic lull.
However, the government’s expert group said that given the relative resilience of the domestic market so far, the expected slowdown should remain limited.
In a statement on Tuesday, Seco forecast a slowdown of Gross Domestic Product (GDP) growth from 2.7 per cent in 2010 to 1.5 per cent in 2011. It said this was likely to happen “in spite of the to date brisk growth dynamics of the Swiss economy”.
It did expect, given a gradual improvement of the international trade conditions, that the Swiss economy would gain some momentum again in 2012 (+1.9 per cent).
However, it warned: “The unsure global economic situation, the continued tense situation on the financial markets and the yet unsolved debt problems of many industrialised nations make up considerable risks for the economic situation in 2011 and 2012.”