Growth forecasts for Switzerland for the next two years have been revised downwards slightly by the KOF Swiss Economic Institute.
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According to the latest report of the research centre of the federal technology institute ETH Zurich, real gross domestic product (GDP) should grow by 0.7% this year and rise to 1.7% in 2024. Slightly lower growth of 1.4% is predicted for 2025, the KOF said on Wednesday.
KOF economists have lowered their predictions for the next two years by 0.2 percentage points since the last forecast at the end of September. The main reason is the challenging global economic environment since 2022, which is clouding the outlook for the Swiss economy.
This will dampen export prospects for Swiss companies until the second half of 2024, said KOF economists. A slight recovery in the global economy is expected next year. The Swiss economy will continue to be helped by domestic consumption and demand.
Without any major sporting events, which are known to have an impact on Swiss GDP, the expected growth rates are 1.3% (2024) and 1.8% (2025).
According to the KOF forecast, job creation will continue but at a significantly slower pace than in recent months; unemployment will rise slightly. KOF economists expect unemployment to average around 2% for 2023. This should then rise to 2.3% in 2024 and 2.4% in 2025.
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