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Economic forecast: marked slowdown on the horizon
The expert group on business cycles has significantly downgraded its expectations for Switzerland's GDP growth to 2.0% for 2022 and 1.1% for 2023 (GDP adjusted for sporting events). After a positive first half of the year 2022, the Swiss economy now faces a deteriorating outlook. A tense energy situation and sharp price increases are weighing on economic prospects, especially in Europe.* As expected, the Swiss economy continued to recover during the second quarter, if somewhat less vigorously. GDP growth was driven by the service sector. In particular, consumer spending has picked up substantially in leisure, ... (full story)