September 17, 2019 / 5:47 AM / 2 months ago

Swiss government slashes 2019 economic growth forecast by a third

ZURICH, Sept 17 (Reuters) - The Swiss government cut its 2019 growth forecast by a third on Tuesday, citing as risks the escalating trade war between China and the United States, the rising Swiss franc and the drastic slowdown in neighbouring Germany.

Government economists now expect the country’s economy to grow by 0.8% in 2019, down from the June forecast of 1.2% and well below the long-term average increase of 1.7%.

The government said it expects the Swiss economy to grow 1.7% in 2020, the same rate as the previous forecast.

“Weaker development than previously assumed is anticipated for the global economy and uncertainty is high, which is weighing on the export economy and investment,” the government said in a statement.

Reporting by John Revill; Editing by Michael Shields

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