A survey by the bank UBS suggests the Ukraine conflict will have a small impact on the Swiss economy, but shouldn’t threaten jobs.
The bank says higher energy prices will curb GDP growth this year from the initially expected 2.8% to 2.5%.
Similarly, next year’s prediction is down from 1.7% to 1.5%.
The bank points out Russia accounts for only 1.5% of Swiss exports – but this country does import 40% of Russian gas and 10% of petroleum.
But order books are full and the job market remains healthy, says the bank. It expects the current high value of the franc will fall back – helping exporters.
It also expects interest rate normalisation not to start until next year.
Snow triggers chaos at the Gotthard Tunnel
Fuel prices up
Calls for stricter rules for cyclists and motorbikers
Geneva to pay wine growers not to grow
US diverting Swiss defence payments
Geneva and Jura may build a joint prison
