FOREX TradingCharts.com

Financial News: Swiss Growth Forecast Lowered On War Impact: SECO

Swiss Growth Forecast Lowered On War Impact: SECO

06/15/2022 - 05:17:00 (RTTNews)

(RTTNews) - Switzerland's government downgraded the economic growth forecast for this year as experts assessed that the effects of the war in Ukraine could turn out to be stronger than previously expected.

In the Summer forecast, the State Secretariat for Economic Affairs said the economy is set to grow 2.6 percent this year instead of 2.8 percent projected in March. Likewise, the projection for next year was downgraded to 1.9 percent from 2.0 percent.

In the near-term, the economy is expected to continue recovering with the lifting of the health policy measures. The favorable developments in the labor market is supporting consumer spending and inflation remains moderate by international standards, the SECO observed.

However, in the further course of the forecast horizon, the war in Ukraine clouded prospects for the global economy. The prices of important exports of Russia and Ukraine, namely energy sources and certain staple foods and fodder, increased sharply, lifting inflationary pressures.

In addition, a significantly weaker development is to be expected in China due to the far-reaching corona measures, the SECO said.

The agency upgraded its inflation forecast for this year to 2.5 percent from 1.9 percent and that for next year to 1.4 percent from 0.7 percent.

The expert group of the government expects the labor market to continue to recover and the average unemployment rate is seen at 2.1 percent in 2022, followed by 2.0 percent in 2023.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Eurozone Investor Confidence Hits 26-Month Low (12 hr(s), 33 min(s) ago)
(RTTNews) - Eurozone investor confidence weakened notably to a 26-month low in July, raising fears ...Full Story»

Germany Trade Balance Swings To Deficit; Exports Unexpectedly Fall (13 hr(s), 29 min(s) ago)
(RTTNews) - Germany's trade balance logged an unexpected deficit in May as trade disruption da ...Full Story»

Spain Unemployment Lowest Since 2008 (14 hr(s), 31 min(s) ago)
(RTTNews) - Spain unemployment declined sharply in June to the lowest since October 2008, the labo ...Full Story»

Latvia Industrial Production Grows In May (14 hr(s), 34 min(s) ago)
(RTTNews) - Latvia's industrial production advanced in May, primarily driven by robust growth ...Full Story»

Eurocoin Indicator Falls In June (14 hr(s), 58 min(s) ago)
(RTTNews) - An indicator reflecting the current economic situation in the euro area fell in June, ...Full Story»

Swiss Inflation At 29-Year High (15 hr(s), 04 min(s) ago)
(RTTNews) - Switzerland's consumer price inflation rose to the highest level since 1993, data ...Full Story»

Australia ANZ Job Ads Increase In June (15 hr(s), 26 min(s) ago)
(RTTNews) - Australia's job advertisements rose again in June and exceeded the recent pack see ...Full Story»

Eurozone PPI Inflation Eases More Than Forecast (15 hr(s), 29 min(s) ago)
(RTTNews) - Eurozone producer price inflation slowed more than expected in May, after reaching a n ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Eurozone Investor Confidence Hits 26-Month Low

07/04/2022 - 08:51 AM (RTTNews)
(RTTNews) - Eurozone investor confidence weakened notably to a 26-month low in July, raising fears ...Full Story>>

Germany Trade Balance Swings To Deficit; Exports Unexpectedly Fall

07/04/2022 - 07:55 AM (RTTNews)
(RTTNews) - Germany's trade balance logged an unexpected deficit in May as trade disruption da ...Full Story>>

Spain Unemployment Lowest Since 2008

07/04/2022 - 06:53 AM (RTTNews)
(RTTNews) - Spain unemployment declined sharply in June to the lowest since October 2008, the labo ...Full Story>>

Latvia Industrial Production Grows In May

07/04/2022 - 06:50 AM (RTTNews)
(RTTNews) - Latvia's industrial production advanced in May, primarily driven by robust growth ...Full Story>>

Eurocoin Indicator Falls In June

07/04/2022 - 06:26 AM (RTTNews)
(RTTNews) - An indicator reflecting the current economic situation in the euro area fell in June, ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.