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SNB's Tschudin: In the coming quarters, the more moderate development of the global economy is likely to dampen growth in Switzerland, while our monetary policy will have a supportive effect

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SNB's Tschudin: In the coming quarters, the more moderate development of the global economy is likely to dampen growth in Switzerland, while our monetary policy will have a supportive effect

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  • The main risk to the economic outlook for Switzerland is developments in the global economy. In particular, the situation in the Middle East could worsen again and curb global economic activity more strongly. The upward pressure on the Swiss franc could also increase again. Furthermore, US trade policy continues to be a source of uncertainty.
  • GDP growth was solid in the first quarter. Economic growth was supported by manufacturing, with services and construction also contributing. Current indicators, such as the information from our talks with companies in recent weeks, also point to solid economic momentum. Despite this positive development overall, unemployment has risen somewhat since the last monetary policy assessment.

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