The main reason for the lowered prospects is the war in Ukraine, which is affecting the global economy as well as hampering Swiss exports and domestic demand, the OECD said on Tuesday.
For 2023, the group forecasts Swiss growth of 0.6%, down from 1.4% previously estimated. In 2024, the OECD says, expansion will recover a bit to +1.4%. The economists expect that Swiss consumers will gradually begin to reduce their extremely high savings rate and start spending more.
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Explainer: how Switzerland is dealing with rising prices
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Inflation is comparatively moderate in Switzerland, but rising energy and food prices are putting a strain on small budgets.
Rising energy prices will also keep inflation well above the Swiss National Bank’s (SNB) target range: the OECD expects a rate of 2.9% for 2022, with only a slight drop to 2.5% in 2024.
The OECD also states that the SNB will therefore have to further tighten its monetary policy. In September this year, the Swiss central bank raised interest rates to positive territory for the first time in seven years.
Living longer: What do you think about the longevity trend?
The longevity market is booming thanks in part to advances in the science of ageing. What do you think of the idea of significantly extending human lifespan?
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Florian Willet was present when the Sarco suicide capsule was first used in Switzerland in September 2024 and had been placed in pre-trial detention.
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At the start of the 113th International Labour Conference in Geneva, Houngbo called for a "more efficient" organisation in front of the 187 member states
Microsoft invests $400 million in Swiss AI expansion
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Among other things, the existing data centres in the Geneva and Zurich regions are being expanded as part of this investment.
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This is the first study first to report a direct interaction between floating plastic debris in the atmosphere and any species.
Delayed flights expected at Geneva airport due to air traffic control issue
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Skyguide air traffic control reduced the number of approaches at Geneva Airport by 20% as a precautionary measure for safety reasons.
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Too soon to say inflation has peaked, says SNB boss
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The president of the Swiss National Bank (SNB) says the inflation outlook is more uncertain than normal and it is premature to say prices have peaked.
SNB board member says more rate hikes may be needed
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The Swiss National Bank (SNB) may raise interest rates again to fight Swiss inflation, says governing board member Andrea Maechler.
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.