12 June 2012 17:33 [Source: ICIS news]
The secretariat said that the increase in the target was prompted primarily by better-than-expected domestic economic activity and a relatively resilient export business so far this year – despite a strong Swiss franc and the economic recession in many EU countries.
However, the upward revision in the GDP growth target “cannot detract from the fact that the economic environment in
The turbulent events on currency markets since 2010 already forced many Swiss exporters to reduce their sales prices - to the detriment of margins - in order to remain internationally competitive despite the strength of the Swiss franc.
The situation in
“Preventing an escalation of the sovereign debt crisis in the euro region is the key prerequisite for a continuation of the positive economic development,” it said.
However, SECO said that its economic experts are seeing no early end to the recession, in particular for the countries in southern
Even the robust German economy would be unable to fully escape the difficult conditions, it said.
“It must therefore be assumed that although
Meanwhile, the Swiss ministry views economic prospects for Asia and the
“It remains to be seen how much the Chinese economy slows and whether the planned switch to more private consumer-led growth will succeed,” it added.
In September last year,
Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog
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