Switzerland adjusted 2012 growth forecasts, where the economy is expected now to grow 0.5% compared with the previous forecast of 0.9% as the escalating debt crisis forced downside pressures on Switzerland, yet Swiss authorities explained that growth will be stable next year as long as the European debt crisis doesn't worsen further.

The State Secretariat for Economics (SECO) said in a statement assuming that a further escalation of the debt crisis in the euro zone can be avoided, the economic weakness in Switzerland should be limited and of relative short duration.

The Swiss National Bank (SNB) next policy session will be on Thursday, with expectations the bank will weaken the Swiss franc again in order to support the economy and exports and prevent pressures from threatening the nation.