Swiss Economy To See Moderate Recovery In 2010: SECO

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Tuesday, the State Secretariat for Economic Affairs said the Swiss economy is stabilizing and expects a weak GDP growth next year.

The economy is forecast to shrink 1.7% during 2009, better than the 2.7% decline expected in June. The expert group of the Federal Government expects a moderate GDP growth of 0.4% next year compared to the previous estimate of 0.4% fall.

Further, the SECO said the prospects for the labor market remain bleak. Employment is likely to fall in the coming quarters and would not start to increase slightly before late 2010.

Tuesday, the State Secretariat for Economic Affairs said the Swiss economy is stabilizing and expects a weak GDP growth next year. (Market News Provided by RTTNews)