The Federal Government Expert Group on Business Cycles has slightly lowered its economic growth forecast for 2025 (GDP adjusted for sporting events: 1.5%; September forecast: 1.6%). The recovery of the European economy has been delayed. The international economy is not expected to normalise until 2026, at which point growth in the Swiss economy would also accelerate (1.7%).* Downside risks currently outweigh upside potential. Uncertainty surrounding international economic and trade policy is very high.
