Raiffeisen economists stick to GDP forecast of 1% for 2023
The Swiss economy is losing momentum. The Raiffeisen economists predict growth in gross domestic product of 1.0 percent for the year 2023.
Martin Neff, chief economist at Raiffeisen Bank, sees no acute risk of recession for Switzerland. (archive image)
They are sticking to their previous forecast, as they announced to the media on Tuesday. The Swiss economy cannot escape the global economic slowdown and is only growing at a below-average rate.
«The high energy prices and the rising cost of living are also having an effect in this country. At the same time, export momentum is declining because the high inflation in most trading partners is leading to a painful loss of purchasing power in households and is slowing down the economy,” it said.
In contrast to Europe, which was hit particularly hard by the energy price shock from the Ukraine war, chief economist Martin Neff believes that Switzerland is not at risk of an acute recession.