Switzerland Economic Snapshot

GDP is projected to grow by 2.5% in 2022 and 1.3% in 2023. Slower demand due to the war in Ukraine will moderate the growth of exports and investment. Continued improvements in the labour market and a reduction of the high savings rate will underpin consumption. Rising prices of energy and goods affected by supply bottlenecks will be a headwind to growth and push headline inflation above the Swiss central bank’s target range to 2.5% in 2022, before slowing to 1.8% in 2023.

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The Swiss economy has shown resilience but the COVID‑19 pandemic continues to raise uncertainty and challenges. Effective government support has helped protect employment and buttress household incomes. Nevertheless, some sectors and groups have been hit hard, with a disproportionate impact on low‑middle skilled and low‑wage workers. Fostering productivity growth is crucial to maintain high living standards in the future. Switzerland is one of the top OECD performers in terms of labour productivity, but productivity growth has slowed markedly over the past three decades. Lower barriers to free and open competition within the internal market and continued openness to international markets would spur competitive pressures and raise productivity and growth.

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2021 Structural Reform Priorities

• Education and skills: Increase skills of the disadvantaged
• Competition and regulation: Boost economic dynamism by increasing competition
• Labour market: Reduce the burden of ageing
• Tax system: Shift taxation from direct towards indirect taxes
• Labour market: Facilitate full-time labour force participation of women

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