KOF Predicts Slower Growth for Switzerland
Published: Wednesday, Sep 27th 2023, 12:52
Updated At: Friday, Oct 13th 2023, 14:12
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The Swiss economy is expected to grow at a slower rate than previously predicted, according to the ETH Zurich's KOF economic research institute. The Gross Domestic Product (GDP) is expected to increase by 0.8% this year, down from the 0.9% predicted in June. The KOF also revised its forecast for 2024, predicting a growth of 1.9% instead of the previously predicted 2.1%. This is due to weaker exports, particularly in the pharmaceutical industry, which has seen a boom in coronavirus vaccine and test production. The KOF also predicts that inflation will remain high this year, at 2.2%, and will only drop to 1.1% in 2025. This means that wages will not keep up with inflation this year, but should start to increase in 2022.
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