UBS bank sees "thriving" Swiss economy

Researchers at Switzerland’s UBS bank say they expect the Swiss economy to “thrive” over the next two years, despite the strong Swiss franc weighing on exports.

This content was published on November 11, 2010 - 09:23 and agencies

UBS Research Switzerland gives a number of factors to support this view.

The researchers say the treaty on freedom of movement of people within the European Union and non-EU member Switzerland has made it easier for companies to hire qualified staff.

A statement on Thursday said that “brisk population growth” since 2007 had also supported consumption and increased the demand for residential property.

In concrete terms, UBS Research Switzerland expects real economic growth of
2.3 per cent next year and 2.1 per cent in 2012. This relatively strong growth should drive inflation up from its current level of almost zero to around two per cent in 2012, it added.

UBS said that its quarterly economic survey of industrial and service companies supported its forecasts.

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