RTTNews reports that the State Secretariat For Economic Affairs, or SECO, said that the Swiss economy is set to shrink less than expected this year, but the recovery next year would be slower than forecast earlier.

GDP is set to fall a seasonally and calendar adjusted 3.3 percent this year, which is slightly less than the 3.8 percent decline projected in October. Yet, this would be the strongest decrease since 1975.

The growth forecast for next year was lowered to 3 percent from 3.8 percent. The Swiss economy is projected to grow 3.1 percent in 2022.

The unemployment rate is projected to climb to 3.3 percent next year from 3.2 percent this year. Thereafter, it is seen easing to 3 percent in 2022.

Consumer prices are forecast to fall 0.7 percent this year and edge up 0.1 percent next year. Inflation is projected at 0.3 percent in the year after.