Geneva, 7-8-2022 (AFP) - The chief economist in the Swiss government expected that the country would not witness a recession this year, despite the risks of a shortage in energy supplies.

The Swiss government's chief economist, Eric Schaidiger, said in a statement to the "Sonntagzeitung" newspaper that the Swiss economy is "in good shape" despite the repercussions of the ongoing war in Ukraine on energy prices.

He said companies should prepare for the possibility of energy shortages in the winter months.

"We may have to revise down our economic forecasts for next year. The revised forecast will be published on September 20. But we don't expect a recession this year," he added.

He added, "We face the risk of severe shortages in energy supplies in the winter. If production disruptions continue in the European Union and we suffer from a shortage of gas, then it becomes problematic."

And he expected the country to record in the "negative scenario" in the year 2023 "zero growth instead of a growth of about 2 percent."

Despite the risks of energy shortages and the repercussions of the ongoing war in Ukraine, Scheidegger ruled out that Switzerland would face a serious economic crisis.

"Currently, the economy is in good shape. Current indicators show that the economy in this country recorded good growth in the second quarter, after the outbreak of the war in Ukraine," he said.

"Economic support measures such as public aid and tax breaks are currently unnecessary and unhelpful," he noted.

He stressed that Switzerland's economy is less vulnerable to the repercussions of high energy prices compared to other European countries, because gas constitutes only five percent of the total energy consumed in the country.

With regard to inflation, Schideiger considered Switzerland an "island of bliss" compared to the United States, expecting the inflation rate to decline before the end of the year.