Switzerland is among the leaders in many global rankings including on R&D, innovation, infrastructure, universities and competitiveness. It is well integrated in global value chains, specialised in some high-value-added activities and home of many large multinationals. These factors should contribute to high, and rising, labour productivity.
Swiss GDP per capita stands amongst the top OECD performers. However, to face medium-term challenges productivity developments will be key to allow the country to maintain its enviable position.
Switzerland makes more use of its human resources than most other OECD countries. Labour force participation is high and the unemployment rate low for most segments of society.
Switzerland’s high living standards and quality of life are renowned. It has the third-highest level of GDP per capita in the OECD. Likewise, survey data show Swiss have the OECD’s second-highest rate of life satisfaction. Unemployment is low, including for young people. And income inequality (after taxes and transfers) is around the OECD average.
The Swiss economy has shown remarkable resilience in recent years in the face of the 2009 financial crisis and significant currency appreciation in 2015.
English, PDF, 111kb
This country note from Going for Growth 2017 for Switzerland identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
Despite having low government spending, Switzerland scores highly in various public policy outcomes, including health, education and transportation. But, as the population grows and ages, efficiency of public spending will have to rise to maintain low tax rates.
High house prices are being supported by very low interest rates, immigration-fuelled population growth and smaller family units, while demand is being bolstered by mortgage interest tax deductibility and institutional investors.
English, PDF, 98kb
This country note from Going for Growth 2015 for Switzerland identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
Swiss women are now as well educated as their male counterparts. However, progress remains to be made in the job market where both the supply and price of female labour are below that of men.