Swiss government lowers 2022 GDP forecast amid Ukraine crisis

Dhwani Mehta FXStreet

In the wake of rising inflation and the Russia-Ukraine war, Switzerland’s government downgrades the country’s GDP forecasts for this year.

Key details

Swiss government sees 2022 GDP (sport event adj) growth at +2.8% (previous forecast was +3.0%).

Swiss government sees 2023 GDP growth at +2.0% (previous forecast was +2.0%).

Swiss government sees 2022 CPI at +1.9% (previous forecast was +1.1%).

Swiss government sees 2023 CPI at +0.7% (previous forecast was +0.7%).

Swiss government sees higher inflation and the Ukraine conflict slowing the pace of recovery.

The pandemic situation has improved faster than anticipated.

Market reaction

USD/CHF was last seen trading at 0.9352, up 0.09% on the day. The improvement in the market sentiment has decreased the safe-haven demand for the US dollar, sending USD/CHF lower from 2022 highs of 0.9365 reached earlier in the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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