6 % for 2023, and 2. 0 % for 2024 and 2025 ( cf. table 1 ). without today ’ s policy rate increase, the inflation forecast would be even higher over the medium term. uncertainty regarding price developments going forward remains high, and there is above all the risk of elevated inflation becoming embedded. global economic outlook what is the economic outlook? the global economy hardly grew in the fourth quarter. nevertheless, q4 2022 and q1 2023 will likely be slightly less weak overall than expected in december. inflation is currently clearly above central banks ’ targets in many countries. against this background, numerous central banks have tightened their monetary policy further. the growth outlook for the global economy in the coming quarters remains subdued. at the same time, inflation is likely to remain elevated worldwide for the time being. over the medium term, however, it should return to more moderate levels, not least thanks to monetary policy and due to the economic slowdown. our scenario for the global economy is subject to significant risks, in particular due to the recent turmoil in the global financial sector. swiss economic outlook i now turn to the economic outlook for switzerland. gdp stagnated in the fourth quarter. for 2022 as a whole, gdp grew by 2. 1 %. the labour market remained robust, and overall production capacity has been well utilised. page 3 / 6 zurich, 23 march 2023 thomas jordan, martin schlegel and andrea m. maechler news conference despite the slight upturn in economic activity in recent months, growth is likely to remain modest for the rest of the year. subdued demand from abroad and the loss of purchasing power due to inflation are having a dampening effect. overall, swiss gdp is likely to increase by around 1 % this year. the forecast for switzerland, as for the global economy, is subject to high uncertainty. in the short term, the main risks are an economic downturn abroad and adverse effects of the turmoil in the global financial sector. monetary policy outlook ladies and gentlemen, allow me to return to our monetary policy. inflation is currently higher than we had expected in december, and inflationary pressure has risen again also due to second - round effects. the renewed increase in our policy rate is therefore necessary to ensure that inflation returns to the range consistent with price stability over the medium term. it cannot be ruled out that a further tightening of monetary policy will be necessary to ensure price stability. for some quarters now, we have indicated

jean - pierre roth : no frontiers in monetary policy – from the fight to avoid internationalisation of the currency to the internationalisation of monetary policy speech by mr jean - pierre roth, chairman of the governing board of the swiss national bank, at the swiss institute of international studies, zurich, 6 may 2009. the complete speech can be found in german on the swiss national bank ’ s website ( www. snb. ch ). * * * in view of the challenges with which it has been faced, the swiss national bank ( snb ) demonstrated its adaptability time and again. over the past thirty years, for instance, it abandoned its endeavours to prevent the use of the swiss franc as an international currency. moreover, it has gradually incorporated international elements into its monetary policy strategy and its monetary policy instruments. the goal when making these adjustments was always to improve the effectiveness of monetary policy in order to protect the country from any inflationary trend. in managing the current crisis, both the internationalised monetary policy strategy and the internationalised policy instruments have served the snb well thus far.