Economiesuisse anticipates subdued economic development
Published: Wednesday, Dec 6th 2023, 10:20
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The Swiss economy will continue to grow next year with the "handbrake on". This is the assumption made by the umbrella organization Economiesuisse in its forecasts. The weak economy, particularly in important sales markets such as Germany and China, is slowing down the local economy.
Economiesuisse economists expect real gross domestic product (GDP) in Switzerland to grow by 1.0% in the coming year and by 1.1% in 2024, as the association announced on Wednesday. In 2022, GDP had risen much more strongly at 2.6%. At least the unemployment rate will not rise significantly and inflation is likely to remain at around two percent, it added.
With their assumptions, the economists at Economiesuisse are in line with the expectations of other experts. Most forecasters currently expect growth of around 1 percent.
Weak global economy
The global economy is only growing slowly and global trade is even shrinking at the moment, Economiesuisse explains the cautious economic forecasts for Switzerland. Some countries are even in recession. Inflation, geopolitical uncertainties, higher interest rates and the strong franc are dampening demand for Swiss goods and services abroad, for example in Germany and China.
According to Economiesuisse, the pharmaceutical, medical technology, watchmaking and food industries still have a positive outlook for the future. Within the textile and construction industries, on the other hand, light and shade alternated. And in the machinery, electrical and metal industries and related tech sectors, a clear decline is even expected due to the order backlog. The chemical industry is also facing a difficult year.
In the services sector, Economiesuisse only expects a decline in value added in a few industries such as printing, publishing and telecommunications. By contrast, more or less strong growth is expected for 2024 in banking, insurance, consulting, gastronomy, hotels and tourism, transportation, healthcare, IT and retail.
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