Swiss cut economic outlook for 2025 as trade war risks weigh
The Swiss economy, traditionally one of the most robust in Europe, is expected to grow by 1.3 per cent in 2025, a downgrade from the government's March forecast of 1.4 per cent.
The State Secretariat for Economic Affairs (SECO) also cut its forecast for 2026 growth to 1.2 per cent from 1.6 per cent previously, with exports expected to fall.
Both figures, which were adjusted for the impact of sporting events, were below the country's long-term average growth rate of 1.8 per cent.
"Uncertainty regarding international trade and economic policy remains high and is shaping the outlook for both the global and Swiss economies," SECO said.
Although Switzerland had seen strong economic growth at the start of the year, this was driven largely by exporters rushing through shipments ahead of the introduction of US tariffs.
"Performance is expected to weaken significantly for the remainder of the year," SECO added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 days ago
- The Star
Novartis to pay Matchpoint up to $1 billion to develop anti-inflammatory therapies
FILE PHOTO: The company's logo is seen at the new cell and gene therapy factory of Swiss drugmaker Novartis in Stein, Switzerland, November 28, 2019. REUTERS/Arnd Wiegmann/File Photo (Reuters) -Swiss drugmaker Novartis will pay up to $1 billion to U.S. biotech Matchpoint Therapeutics to develop oral drugs for several inflammatory diseases. Matchpoint said on Thursday it will use its technology to develop drugs that block the activity of a specific protein, helping to lower the production of inflammation-causing signals. The company will lead the research and drug development process, using the funding from Novartis. If Novartis exercises its option to exclusively license the program, the drugmaker will have global rights to develop and commercialize all products resulting from the collaboration. Matchpoint said it will receive up to $60 million in upfront payment and research funding, with up to $1 billion in total potential payments, including option exercise fee, and development and commercial milestones. (Reporting by Christy Santhosh in Bengaluru; Editing by Sriraj Kalluvila and Shinjini Ganguli)
The Sun
3 days ago
- The Sun
Adecco Singapore Marks 40 Years of Enabling Talent and Business Growth
SINGAPORE - Media OutReach Newswire - 23 July 2025 - Adecco Singapore has officially commemorated its 40th anniversary with a stakeholder event held at the National Gallery Singapore. The occasion marked four decades of providing workforce solutions and contributing to Singapore's evolving labour market. Since its founding in 1985, Adecco Singapore has worked with employers and jobseekers across a broad range of industries, supporting workforce development through recruitment, advisory, and outsourcing services. Four Decades of Workforce Support From its beginnings as a staffing agency, Adecco Singapore has expanded into a comprehensive provider of workforce solutions. The company has supported thousands of associates annually and worked with multinational corporations, small- and medium-sized enterprises, and government-linked organisations. Its services have expanded to include permanent recruitment, flexible staffing arrangements, outsourcing, and HR advisory. This growth has aligned with shifts in Singapore's economic strategy and labour market trends. 'Adecco's 40th anniversary is both a milestone and an opportunity to reaffirm our role in Singapore's workforce ecosystem,' said Cindy Lee, Country Manager of Adecco Singapore. 'We remain committed to delivering practical workforce solutions that support business continuity and career development in a changing world of work.' Event Highlights and Recognition The commemorative event brought together Adecco's clients, associates, and partners to express gratitude for their ongoing support. Guest speakers included Kenny Tan, Deputy Secretary (Workforce) at the Ministry of Manpower; Frank Grütter, Swiss Ambassador to Singapore; and other key clients. Speakers highlighted the long-standing partnership between Adecco and various government agencies, associations, and clients. Remarks acknowledged the efforts of Adecco's teams and their commitment to going beyond transactional delivery to meet the needs of clients across various sectors. Following the formal programme, guests attended a networking session over canapes and refreshments. The session provided an opportunity to celebrate the milestone and reaffirm shared goals around workforce resilience, agility, and long-term partnership. Adapting to Workforce Transitions Adecco Singapore has supported businesses through significant shifts in the employment landscape, including digital transformation, pandemic recovery, and the rise of flexible labour models. Its workforce solutions have helped organisations manage short-term operational needs, implement hiring technology, and plan for long-term skills demand. The company's workforce solutions and recruitment services in Singapore continue to play a role in helping employers remain responsive to evolving labour market needs. Positioning for the Future of Work Today, Adecco Singapore maintains a defined service model supported by more than 60 recruiters who specialise by sector and function. The company continues to deliver end-to-end workforce solutions that align with business needs and national workforce developments. Strategically, Adecco is focusing on skills-based hiring and the application of AI-driven talent matching to improve recruitment speed, accuracy, and inclusiveness. These priorities are designed to support workforce planning and help individuals adapt to evolving career pathways. The company also provides structured recruitment advice for jobseekers and employers navigating a fast-changing employment landscape while continuing to support individuals who are looking to find jobs in Singapore that match emerging skills demands.
The Star
3 days ago
- The Star
MACC seeks forfeiture of RM169mil from Ismail Sabri
KUALA LUMPUR: The Sessions Court here has fixed Oct 1 to hear an application by the Malaysian Anti-Corruption Commission (MACC) in its bid to forfeit more than RM169mil in cash belonging to former prime minister Datuk Seri Ismail Sabri Yaakob. Sessions Court judge Suzana Husin set the date during case management here yesterday. Lawyer Datuk Amer Hamzah Arshad, who represented Ismail Sabri, informed the court that the respondent needed more time to reply to the application. The court then instructed the respondent to file an affidavit by Aug 13 and the prosecution to file affidavit-in-reply by Sept 3. Deputy public prosecutor Ifa Sirrhu Samsudin and Alis Izzati Azurin Rusdi appeared for the prosecution. On July 7, the MACC, represented by the deputy public prosecutor as the applicant, filed the application and named Ismail Sabri's former political secretary, Datuk Mohammad Anuar Mohd Yunus and the former prime minister as first and second respondents. In the application, the MACC is seeking a court order to forfeit cash seized from the first respondent for the Malaysian government, including RM14,772,150, S$6,132,350, US$1,461,400, 3mil in Swiss Francs, €12,164,150, ¥363,000,000, £50,250, NZ$44,600, 34,750,000 Emirati Dirham and A$352,850. The application was made under Section 41(1) of the MACC Act 2009 after it was satisfied that the money kept by Mohammad Anuar belonged to Ismail Sabri and was linked to an offence under Section 36(2) of the same Act. The MACC also applied for other court orders deemed suitable by the court.
