1. 6 % for 2024 ( cf. table 1 ). without today ’ s snb policy rate increase, the inflation forecast would be significantly higher. global economic outlook let me turn to the economic outlook worldwide. global economic growth has slowed markedly recently. this slowdown is on the one hand attributable to the high level of inflation, which is weighing on purchasing power and thus reducing demand. on the other hand, the uncertainty stemming from the war in ukraine as well as the coronavirus lockdowns in china are curbing the development of the global economy. that said, unemployment has continued to decline in many countries. in the advanced economies, it is now back around the low levels seen prior to the pandemic. since march, there has been a further considerable and broad - based increase in inflation in many countries. the war in ukraine has been a significant factor here, too, in that the prices of many commodities have risen as a result. in addition, persisting supply bottlenecks have led to further price increases for various goods. in our baseline scenario for the global economy, we assume that energy prices will remain high for the time being, but that there will not be an acute energy shortage in the major economic areas. the positive development of the economy should thus continue overall. owing to the increased prices for energy and food, coupled with the supply bottlenecks, inflation is likely to remain high for some time. however, the importance of these factors should diminish over the medium term. with monetary policy also becoming increasingly tighter in many countries, inflation is likely to gradually return to more moderate levels. our scenario for the global economy is subject to significant risks. for example, inflation could rise further and thus weigh even more heavily on real incomes and consumer demand. at the same time, high inflation could become entrenched as a result of increased secondround effects, requiring stronger monetary policy responses in other countries. finally, there are still important downside risks to growth from the war in ukraine and the pandemic. page 2 / 5 berne, 16 june 2022 thomas jordan news conference swiss economic outlook i now come to developments here in switzerland. the swiss economy has continued the favourable development it has shown since the beginning of the year. after modest growth in the fourth quarter of 2021, gdp increased by just under 2 % in the first quarter of this year. the signals remain positive for the current quarter. the situation on the labour market has

to around 1. 5 % before rising back to 2 % over time. without page 3 / 5 berne, 16 june 2022 thomas jordan news conference today ’ s snb policy rate increase, inflation would be clearly above the range consistent with price stability at the end of the forecast horizon. the new inflation forecast shows that further increases in the snb policy rate may be necessary in the foreseeable future to stabilise inflation in the range consistent with price stability over the medium term. the current environment is subject to great uncertainty, also with regard to exchange rate developments. if there were to be an excessive appreciation of the swiss franc, we would be prepared to purchase foreign currency. if the swiss franc were to weaken, however, we would also consider selling foreign currency. we will be observing the developments closely and are prepared to take the necessary measures in every situation to ensure price stability in switzerland over the medium term. ladies and gentlemen, thank you for your attention. it is now my pleasure to give the floor to fritz zurbrugg. page 4 / 5 berne, 16 june 2022 thomas jordan news conference page 5 / 5