Boston, MA -- (ReleaseWire) -- 06/13/2014 -- Switzerland's growth trajectory over the medium term will be increasingly powered by consumer spending, with the potential for the government to step in and boost growth in the event that the situation in the eurozone puts a sharp break on Swiss growth.
The Swiss National Bank has set a ceiling on the Swiss franc's value versus the euro in the face of substantial appreciatory pressures resulting from the eurozone sovereign debt crisis. This will help to protect the country's export sector from a severe loss of competitiveness and thereby limit the impact of external turbulence on near-term economic growth. However, the massive scale of the monetary easing involved in such foreign exchange intervention could dramatically inflate property prices if maintained into the medium term.
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Major Forecast Changes
We have revised our 2014 and 2015 exchange rate forecasts to CHF1.24/EUR and CHF1.27/EUR from CHF1.26/EUR and CHF1.29/ EUR respectively.
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