RETURN OF NEGATIVE INTEREST RATES 1/3

The flash GDP estimate published by SECO on November 17th reported an unexpected contraction of -0.5% for Q3 2025. This result abruptly deviated from the market consensus for a soft landing, confirming the more cautious forecasts held by independent analysts. This figure signals a decisive break from the positive momentum observed earlier in the year and highlights the critical, growing vulnerability of the nation's export-driven economic model to international instabilities.