Overview of Switzerland’s Real GDP
Switzerland's real GDP hit $712.3 billion in 2021, an increase of 3.7% over the previous year. Switzerland's economy grew by a CAGR of 1.5% between 2010 and 2021. Switzerland's future growth was hampered due to the rise in COVID-19 cases, rising inflation, and the conflict between Russia and Ukraine.
Outlook on Global Economy
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth.
The US, China, Japan, Germany, and India are the world's top five economies in terms of real GDP. The US real GDP topped with $18.6 trillion in 2021, followed by China. The real GDP of Japan reached $6 trillion during the same period, putting it third globally. The other two largest economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
Factors Affecting the Global Economy
A rise in COVID-19 cases:
As a result of Omicron, a new variant of COVID-19, more cases have been reported worldwide, resulting in the disruption of supply chain management. However, the global vaccination drive has reduced the fatality from COVID-19.
Russia-Ukraine war:
Global economic expansion will be hampered by a protracted conflict between Russia and Ukraine. Due to the war, trade and investment have suffered because Russia has been subjected to economic sanctions, and several significant corporations have ceased operations there.
Rising Inflation and Interest Rates:
As a result of rising inflation rates in both developing and advanced economies, central banks have been forced to tighten monetary policy and raise interest rates to keep prices from rising. However, a steady increase in interest rates could cause financial distress in some economies.
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