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KOF raises economic growth forecasts

Swiss Economic Institute KOF has raised its growth forecasts for Gross Domestic Product in 2007 and 2008 to 2.9 per cent and 2.1 per cent respectively.

It had previously predicted rates of 2.8 per cent and 1.9 per cent for this and next year.

In its quarterly assessment, the institute said that private consumption would remain pillar of support for the Swiss economy and should offset any potential export weakness issues from the subprime crisis in the United States.

But it warned that the decline in the dollar was creating a risk of a decline in export demand from the US, which could have an impact on Switzerland.

While recent financial turbulence was not expected to affect economic growth in Switzerland, there could be fall-out for the economy if consumers lost confidence, experts said.


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