The priority is to revive labour productivity to maintain high living standards. There is room to improve skills and labour market outcomes of workers from poorer socio-economic backgrounds (especially migrants) and encourage their participation in continuing education and training. Helping women to work full-time will reduce skills shortages. Reforming public support to agriculture will boost its productivity and reduce its environmental impact. Ageing-related public spending is on the rise, making it urgent to adjust the pension system and encourage longer working lives, including through a higher retirement age and lifelong training.
After a strong 2018 outturn, GDP growth is projected to be more subdued in 2019 and 2020. Slower external demand growth will weigh on exports and investment. Household consumption will strengthen as job creation and real wage growth pick up. Inflation is projected to edge up, but will remain low.
In 2019, subdued investment and exports will hold back GDP growth. Both are projected to improve in 2020 as global trade recovers. Household consumption will gradually gain momentum on the back of faster job creation and wage growth.
The Swiss economy has shown remarkable resilience in recent years in the face of the 2009 financial crisis and significant currency appreciation in 2015. But the upward momentum in the recovery has been difficult to maintain and GDP per capita has plateaued since 2008.
L’économie suisse a montré une résilience remarquable ces dernières années face à la crise financière de 2009 et à une appréciation notable de sa monnaie en 2015, mais l’élan de la reprise a été difficile à maintenir et le PIB par habitant plafonne depuis 2008.