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Posted on: Sunday, December 11, 2022 – 3:21 am | Last update: Sunday, December 11, 2022 – 3:21 AM
Swiss investment banking group UBS Group AG CEO Ralf Hammers said that global inflation will peak by the first quarter of 2023, then will decline amid lower economic growth.
“2023 will be a transitional year, with lower growth and lower inflation, as the year progresses,” Hammers said, in an interview with the French-speaking Swiss newspaper “Le Temps,” according to Bloomberg news agency today, Saturday.
Hammers added, “The UBS group still expects more interest rate hikes, and then declines in some countries, given that we will have to support growth.”
Switzerland’s relatively low levels of inflation mean the Alpine country will avoid a recession, according to the group’s chief executive, who took over in 2020.