Switzerland’s economic recovery has stabilised and the country will outperform its European neighbours this year, according to economists.
The federal government expects the Swiss economy to grow by 1.4 per cent, an improvement on the projected 0.7 per cent, the State Secretariat for Economic Affairs (Seco) announced on Tuesday.
The findings are part of a quarterly forecast published by an expert group commissioned by the government.
“Apart from strong GDP growth, exports continued to rebound at a solid pace and domestic demand remained robust,” Seco said in a statement. The labour market is now “less bleak” than originally anticipated, Seco added.
It called the recovery in Europe “sluggish” and said countries had experienced signs of an economic slowdown as early as the last quarter of 2009. It predicted a growth rate of one per cent. It also said Switzerland’s own recovery would begin losing some of its steam.
In contrast, authorities noted strong growth in the United States and said gross domestic product growth there could climb between 2.5-3 per cent.