World Economy

Swiss Forecast Lower Growth

Swiss Forecast Lower GrowthSwiss Forecast Lower Growth

The strong Swiss franc and uncertainty over the Greek credit crisis have caused the Swiss government to lower its growth forecast for 2015-16, Swissinfo reported. It says the economy remains vulnerable against exchange rate fluctuations. Growth this year is now expected to occur at a rate of 0.8%, slightly down from the 0.9% forecast in March, the State Secretariat for Economic Affairs said in a statement published on Tuesday. For 2016, the expected growth rate has been lowered to 1.6%, down from 1.8% forecast in March. “The Swiss economy continues to be vulnerable against further fluctuations of the exchange rate,” the government’s experts said, describing the situation this year as a “painful adaptation”.