IMF Staff Country Reports

Switzerland: 2024 Article IV Consultation-Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Switzerland

June 24, 2024

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Format: Chicago

Switzerland: 2024 Article IV Consultation-Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Switzerland, (USA: International Monetary Fund, 2024) accessed September 16, 2024

Summary

Growth is recovering gradually (projected at 1.3 percent in 2024) after slowing in 2023 (0.8 percent). A tight monetary stance and disinflation abroad have brought inflation within SNB’s 0–2 percent price stability range, and the SNB lowered its policy rate in March 2024, ahead of other major central banks. The external current account has remained in surplus but declined, while the general government surplus declined in 2023. Fiscal fundamentals are strong with low debt levels, but mounting spending pressures and remaining future financing gaps in the pension system, including stemming from the recent vote on a 13th monthly pension payment, need to be addressed. The state-facilitated acquisition of Credit Suisse (CS) by UBS stabilized markets, and the authorities have published reform proposals based on their review of the transaction and the TBTF framework. Negotiations with the EU restarted. Climate policy progressed. Medium-term challenges include labor shortages and skill gaps.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Expenditure, Financial sector policy and analysis, Financial sector stability, Inflation, Labor, Labor markets, Prices

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking stress test model, Climate policy framework, Financial sector stability, Financial system stability assessment update, Global, IMF of exchange restriction, Inflation, Labor markets, Policy stance, SNB data portal

Publication Details

  • Pages:

    74

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2024/179

  • Stock No:

    1CHEEA2024001

  • ISBN:

    9798400279065

  • ISSN:

    1934-7685

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