Sluggish Swiss economic growth forecast blamed on lack of major sports events
A Swiss government forecast of sluggish economic growth this year, falling short of 1 per cent, is being blamed in part on a lack of international global sporting events.
Major sports events such as the Olympic Games and soccer’s Fifa World Cup provide a boost to sports organisations based in Switzerland, such as the International Olympic Committee and Fifa, and hence to the wider economy.
However, the State Secretariat for Economic Affairs’s downgrade of its full-year growth forecast to 0.9 per cent from June’s forecast of 1.4 per cent would be the lowest growth figure for the country since the economy shrank by 2.2 per cent in 2009 during the global financial crisis.
Ronald Indergand, an economist at the secretariat, said: “These sporting bodies are important contributors to Swiss GDP, especially in years which have big events like the Olympics or the soccer world championships.
“But these events are cyclical and we don’t want to put too much emphasis on them from an economic point of view because they don’t employ tens of thousands of people in Switzerland and don’t affect the general direction of the economy.”