Switzerland will not have a recession in 2023-Government
2022.12.13 03:20
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Switzerland will not have a recession in 2023-Government
Budrigannews.com – On Tuesday, the government of Switzerland stated that despite the absence of widespread production losses caused by energy shortages, the country’s economic growth should not slow down in the coming year.
According to the State Secretariat for Economic Affairs (SECO), the economy will grow by 2.0 percent this year, the same as predicted in September, before slowing to 1.0 percent in 2023.
SECO stated in a statement, “This would point to sluggish growth for the Swiss economy, but not a severe recession.”
It had predicted that GDP would grow by 1.1% next year.
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The figures, which are acclimated to eliminate the impact of enormous games, accepted there will be no energy supply deficiencies either this or the following winter.
SECO stated, “However, the energy situation in Europe is likely to remain tense with high prices for gas and electricity.”
“Moreover, high global expansion and the fixing of financial strategy are probably going to control interest.”
Gross domestic product was supposed to grow by 1.6% in 2024, SECO said in its previously conjecture for that year, as the energy circumstance standardizes, expansion facilitates and the worldwide economy recuperates.
According to the department, Swiss inflation is anticipated to decrease from 2.9% in 2022 to 2.2% the following year before falling to 1.5% in 2024.
Due to its large pharmaceutical industry and low unemployment rate, Switzerland’s economy has traditionally been one of Europe’s more resilient.
While the PMI reading for November remained positive, other organizations, such as the KOF Institute, have decreased their growth forecasts for 2022 and 2023. However, they still anticipate that output will increase.
When the Swiss National Bank releases the results of its quarterly monetary policy review on Thursday, it will provide its most recent economic forecasts.
