The KOF Economic Institute has revised downwards its forecasts for the Swiss economy. This is due to high oil prices. + Get the most important news from Switzerland in your inbox KOF economists now expect growth of just 0.8% for the current year, as they announced on Wednesday. Previously, they had forecast growth of 1.0%. The forecasters are also more pessimistic about 2027, lowering their forecast from 1.7% to 1.5% (real GDP, excluding international sporting events). By way of comparison: on a long-term average, the Swiss economy grows by 1.8% per year. However, the last time growth exceeded this average was in 2022. Currently, high oil prices are to blame for the slow growth, as the KOF Institute notes. The war in Iran and the resulting rise in oil prices have weighed more heavily on the economic outlook than assumed in the last forecast, according to the press release. Translated from German by AI/jdp How we work We select the most relevant news for an international audience …