Revision of the current economic outlook. Likely increase in inflation. Significant threats to purchasing power and household consumption. In ten weeks, Swiss
equities erase their 2021 gains.

Key points

• Unsurprisingly, Swiss GDP slowed at the end of the year (+0.3%) but is still growing at +3.7%/year
• Q1 is expected to be a mixed bag
• The geopolitical crisis in Europe threatens growth prospects in H1
• Leading indicators expected to weaken
• Surprise rise in inflation to +2% in February 2022
• What can the SNB do in the face of soaring inflation?
• The franc temporarily regains parity with the euro
• Risks of recession and stagflation in 2022
• Swiss equities erase their 2021 gain

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