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Posted on: Sunday, December 11, 2022 – 3:21 am | Last Updated: Sunday 11 December 2022 – 03:21
The CEO of Swiss investment banking group UBS Group AG, Ralf Hammers, said global inflation will peak by the first quarter of 2023, then decline due to lower economic growth.
“2023 will be a year of transition, with lower growth and lower inflation as the year progresses,” Hammers said, in an interview with the French-language Swiss newspaper “Le Temps,” according to the Bloomberg news agency today, Saturday.
Hammers added: “UBS Group still expects further interest rate hikes, and then declines in some countries, as we need to sustain growth.”
Switzerland’s relatively low inflation levels mean the Alpine country will avoid a recession, according to the group’s chief executive, who took over in 2020.
