Switzerland to face deficit in 2017, 2019- report
Date
1/28/2016 5:49:47 AM
(MENAFN- Kuwait News Agency (KUNA)) GENEVA Jan 28 (KUNA) -- Switzerland is expected to face deficit between 2017-2019 due to increase in spending and low rates of income said the Swiss Federal Council on Thursday.The deficit will be around USD 476 in 2017 and USD 972 in 2019 despite measures taken by the Swiss government to achieve financial stability and plans to cut spending by about USD two billion until 2019 the council said in its annual report.According to the report the deficit is caused by slow economic growth as a result of low exports the high exchange rate of the Swiss franc against other main currencies and spendings approved by the Swiss Parliament to fund different governmental bodies.Other factors include infrastructure spending corporate tax and pension reforms and rising numbers of asylum requests. Moreover approving an increase in the budget to finance the refugee crisis from USD 1.2 billion to USD 1.8 billion is also another factor.(end) ta.ag
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