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Global Macro-Market Outlook

Switzerland: Q1 2010 Outlook

Real GDP (% change y/y)
2008 2009 2010
1.8 -1.6 1.0
CPI (% change y/y)
2009 2010
-0.5 0.5

  • Switzerland’s recovery will continue in 2010, supported by rising exports and a recovering financial sector.
  • Rising unemployment and accelerating inflation will keep domestic demand in check.
  • Interest rate hikes aren’t likely until late 2010 due to the uncertain economic outlook.

Following four quarters of negative growth, the Swiss economy emerged from recession in Q3 2009, posting 0.3% q/q growth on the back of robust private and public[...]

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