Middle East conflict also affects Swiss companies, says chief economist
Published: Wednesday, Apr 17th 2024, 15:10
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The current year is characterized by uncertainty, both with regard to the situation in the Middle East and the US presidential election in November. This is also having an impact on Swiss companies.
"Uncertainty is a problem for the economy," says Klaus Abberger, Head of Business Surveys Research, in a video interview with the news agency AWP. This is because investments in companies decline in such phases.
For Switzerland, an escalation of the Middle East conflict could also mean an energy price shock, exchange rate effects and supply chain disruptions. This would depend on how the situation develops.
The elections in the USA, meanwhile, are likely to make fewer waves in economic terms. "The president's stance on free trade will be important," says Abberger. Donald Trump could be somewhat more rigid in terms of trade policy, but the USA is already pursuing a restrictive trade policy under Joe Biden.
Swiss economy likely to pick up in summer
After all, Switzerland is currently in a weak phase. However, the local economy should pick up again between spring and summer, as inflation is likely to fall further.
The service sector is currently the most stable. However, the export-oriented industry urgently needs a boost. As Abberger says: "An ignition of the global economy is important for industry."
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