Swiss SECO export growth lowered 2022 GDP growth forecast from 3.0% to 2.8%. It said, “higher inflation and the Ukraine conflict are slowing the pace of recovery.” It added, “the war in Ukraine poses major risks for the global economy.” For 2023, growth projection is kept unchanged at 2.0%.
Recent appreciation of the Swiss Franc is ” helping to contain price pressures within Switzerland, but higher inflation rates are still to be expected on the domestic front.” 2022 inflation forecasts was raised sharply from 1.1% to 1.9, then slowed to 0.7% in 2023. .
SECO said: “The direct impact of the Ukraine conflict on Switzerland is likely to be limited, given the relatively low level of economic ties with Russia and Ukraine. Nonetheless, significant indirect effects are to be expected. World prices of key exports from Russia and Ukraine – energy resources as well as certain food staples and industrial metals – have soared. Global inflationary pressures will therefore remain high for now. ”
