Economists' Outlook 2025: Will the SNB Become Even Bigger as a Market Maker?
David Kohl, Chief Economist, Bank Julius Bär:
USA as the Greatest Risk. (Image: Courtesy)
From a Swiss perspective, the investment environment in 2025 will be heavily influenced by international political issues, while domestic concerns will revolve around economic slowdowns and low interest rates.
The continued strong performance of the U.S. stock markets and the dominance of American companies result in a significant dependency on the U.S. dollar for Swiss investors. The level of U.S. national debt and its impact on the value of the U.S. dollar and U.S. interest rates represent the biggest risks to investments in 2025, particularly from a Swiss perspective.
The economic policy shifts in China aimed at overcoming growth weaknesses, along with more favorable financing conditions in Europe due to falling interest rates, create the greatest investment opportunities in 2025.
