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Bloomberg
The Swiss economy is expected to expand less quickly than previously anticipated, a knock-on effect of the trade war that’s weighing on demand across major economies.
Gross domestic output is seen expanding 0.8 percent this year, compared with the Swiss government’s previous forecast of 1.2 percent. The State Secretariat for Economic Affairs kept its 2020 prediction unchanged at 1.7 percent.
“The outlook has become gloomier,†with the franc’s appreciation in recent months hampering exports, it said. “A disorganised Brexit would significantly curb the European economy and thus indirectly affect Switzerland.â€
With protectionism making life difficult for businesses, momentum is slowing in China and across Europe. Germany, the biggest destination for Swiss exports, is on the verge of recession. The franc hit a two-year high against the euro earlier this month.