Switzerland: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Switzerland

Author: International Monetary Fund. European Dept.

Volume/Issue: Volume 2023 Issue 196

Publication date: June 2023

ISBN: 9798400243127

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Topics covered in this book

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draft legislation , SNB balance sheet , FSI website , AML ordinance , investment strategy , well-functioning of financial markets , banking stress test model , Switzerland's GDP , Switzerland well , SNB data , IMF of the exchange restriction , IMF's transparency policy , Inflation , Credit , Financial statements , Central bank policy rate , Global

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Summary

Growth slowed in 2022 to 2.1 percent and should decline to 0.8 percent in 2023, with risks on the downside. Inflation was 2.9 percent in March and may remain above 2 percent until 2024, due to wage pressures and rent increases. The current account surplus is expected to moderate to 7.8 percent of GDP in 2023 (global slowdown, normalization of merchanting trade). The focus of fiscal policy has shifted to offsetting extraordinary outlays while addressing medium-term spending needs within the debtbrake rule. Monetary policy is focused on reducing inflation. Credit Suisse challenges led to state-facilitated acquisition by UBS. Otherwise, financial sector buffers remain strong, but risks have increased. Pension reforms and EU dialogue progressed. Challenges are aging and skill gaps, energy security, green transition, and geo-economic fragmentation.