According to the KOF Economic Research Institute, Switzerland’s GDP will shrink by a hefty 2.4% in 2009 and by a further 0.3% in 2010. The institute has slashed its’ forecasts having earlier touted -0.5% this year and then a recovery to growth of 0.6% in 2010.
Another day, another downgrade. In the words of that famous Welsh crooner Tom Jones “What’s new pussy cat……”
Swissy little weaker on the day, EUR/CHF presently up at 1.5285 from an early 1.5240.
