Arab Today, arab today sp stronger franc slowing but not stalling swiss economy
Last Updated : GMT 23:05:53
Arab Today, arab today
Arab Today, arab today

S&P: Stronger franc slowing but not stalling Swiss economy

Arab Today, arab today

Arab Today, arab today S&P: Stronger franc slowing but not stalling Swiss economy

Swiss franc's recent
Zurich - AFP

The Swiss franc's recent surge will hit economic growth in the wealthy alpine nation but not as badly as initially feared, ratings firm Standard & Poor's said Monday.

The agency said it had revised downward its economic growth forecasts for Switzerland, now expecting gross domestic product to expand just 0.7 percent this year and 1.9 percent in 2016.

In December, it predicted the Swiss economy would grow 1.7 percent in 2015 and 2.1 percent next year.

In the meantime, the Swiss central bank shocked domestic and global markets with its decision on January 15 to end three years of efforts to hold down the value of the Swiss franc against the euro.

The Swiss currency soared, spurring many economists to predict doom and gloom for the country's export-driven economy.

S&P said the main reason it had slashed its outlook was "the sharp, sudden appreciation of the Swiss franc in January, which we expect to hamper export growth, though factors such as stronger growth in Switzerland's major trading partners will soften the blow."

But the agency said its forecast "calls for less of a drop in GDP than many assume, partly because we believe that oil prices will remain low for a few years, giving a boost to consumer demand."

Several economists and institutes had sharply downgraded their growth forecasts for the Swiss economy in the wake of the Swiss National Bank (SNB) decision, but have recently revised estimates to a more optimistic level.

"Assuming no flare-up in the eurozone sovereign debt crisis, we expect the Swiss currency to weaken over time," the S&P statement said.

"SNB intends to remain active in the foreign exchange market to moderate any substantial move of the franc, and to possibly lower deposit interest rates further into negative territory. Such actions are likely to extend the currency's downtrend," it said.

The SNB imposed the peg to the euro in a bid to weaken the franc as the strength of the currency was hurting export sectors.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sp stronger franc slowing but not stalling swiss economy Arab Today, arab today sp stronger franc slowing but not stalling swiss economy

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday