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.
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Mont Blanc increases in height
