switzerland economy to grow marginally in 2010 as recession eases
News Posted On: 28 September 2009
The Swiss government has revised its forecast for the economy in 2010. It now forecasts a 0.4% growth in GDP in 2010, where it was previously expecting a 0.4% contraction.
This is on the back of an independent report commissioned by the Swiss government, that says the worst of the recession was in the first quarter that the decline slowed in Q2 and positive growth is expected for the rest of the year.
The growth is expected to lose steam in 2010, and that is why the growth forecast is so minimal.
"Problems that banks are still confronted with (e.g. further considerable write-offs of bank loans) cannot be expected to be overcome any time soon and could continue to represent an impediment to economic growth," the government statement said.
Finally, the report said that the recession in Switzerland was still mild compared to the c=global economic climate, mainly due to a stable domestic demand, namely private consumption and building investment, which could partly offset the losses incurred in the export industry and the finance sector. But prospects for the labour market remain bleak, and unemployment figures are unlikely to fall before late 2010.
In other news: today saw Switzerland taken off the list of tax-havens after it signed its 12th tax treaty almost in as many days.
This is likely an attempt by the government to secure international assistance for its beleaguered financial sector; to make it a safer place for investment.
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