Swiss Economics Group Releases Gloomy Forecast
Swiss research group, BAK Basel Economics has revised its forecast for the
Swiss economy down, citing a poor investment environment and slow development
of the export and tourism sectors as contributing factors. However, BAK also revealed that misreporting of the state of the economy by
the Federal Statistics Office had led the group to scale down its growth predictions: 'History has been rewritten by our statistics office with last year not as
good as everybody had thought,' BAK's director, Christoph Koellreuter explained
to the Swissinfo news service on Wednesday. He added that: 'Prospects for the
world economy for the next few quarters are not the same as what we thought
about half a year ago.' In its Spring forecast, released in July, the research group predicted growth
of 1.5% this year. However, in its latest economic review, BAK suggested that
the Swiss economy will stagnate this year, and grow by 1.6% in 2003. It also suggested, according to Swissinfo, that 'prospects for the Swiss financial
sector were not as rosy as had been anticipated', citing a ''clear redimensioning'
of the asset management business and political pressure on Swiss banking secrecy
as factors holding back growth.' .
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