The KOF Swiss Economic Institute has slashed it’s growth forecasts for the Swiss economy.
The economy is now seen contracting -3.3% in 2009 from previous forecast of -2.4%, and contracting -0.6% in 2010 from previous -0.3%.
The insititute warns that “the Swiss economy is in a long recession” adding “the recession, which has been rather mild by international standards owing to its relatively late effect on private consumption, will last longer in Switzerland than in its neighbouring countries.”
