IMF Staff Country Reports

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

June 7, 2023

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Format: Chicago

Switzerland: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Switzerland, (USA: International Monetary Fund, 2023) accessed November 21, 2024

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.

Subject: Central bank policy rate, Credit, Financial services, Financial statements, Inflation, International organization, Monetary policy, Money, National accounts, Prices, Public financial management (PFM)

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

Publication Details

  • Pages:

    67

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2023/196

  • Stock No:

    1CHEEA2023001

  • ISBN:

    9798400243127

  • ISSN:

    1934-7685

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