Tuesday, February 7, 2023

Economiesuisse does not expect a recession

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According to estimates by the association, Swiss gross domestic product (GDP) should increase by 0.6 percent in real terms next year. “It cannot be ruled out that we will fall into a technical recession over the winter months. But we don’t expect negative growth over the year as a whole,” said Economiesuisse chief economist Rudolf Minsch at a media conference on Monday.

A technical recession means two consecutive quarters of negative growth rates. The overall development is likely to depend above all on the situation regarding energy and electricity prices. “A power shortage hovers like the sword of Damocles over economic development,” according to the association.

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