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Economic Slowdown Predicted

The Swiss government in June 2008 said that economic growth would slow amid a weak financial sector, high commodity prices and cool global markets.

Gross domestic product (GDP) for Switzerland was expected to grow by 1.9 per cent in 2008 and by 1.3 per cent in 2009, according to the State Secretariat for Economic Affairs (SECO). The economy grew by 3.1 per cent in 2007.

"The cooling of the economy, which started at the beginning of the year will continue," SECO said. "The weaker global economy and the worsened conditions of financial markets is likely to continue to impact the economy in 2009." According to SECO, a weaker economy would not be undesirable, as it would reduce inflationary pressure.