Switzerland’s economy failed to expand in the second quarter of 2023, recording zero growth, according to data from the State Secretariat for Economic Affairs (SECO). Slowing economies in Germany and Italy and the absence of an expected post-Covid rebound in China are impacting Swiss exports. This helps to bring down prices but dampens economic growth. At the same time, SECO does not expect the Swiss economy to shrink in 2023, forecasting growth of around 1% across the year. Economists at UBS are less optimistic, forecasting growth of 0.7% for 2023, down from an earlier forecast of 0.7%, reported SRF.

Source: Le News September 08, 2023 05:57 UTC