GDP is projected to grow by 0.6% in 2023 and 1.4% in 2024. Repercussions from Russia’s war of aggression against Ukraine will further weaken foreign demand and thus slow trade and investment. Low consumer confidence will moderate consumption. Rising electricity prices and wages will keep headline inflation above the Swiss National Bank’s target range in 2023, before moderating in 2024.
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Das BIP wird den Projektionen zufolge 2023 um 0,6 % und 2024 um 1,4 % steigen. Die Auswirkungen von Russlands Angriffskrieg gegen die Ukraine werden wohl weiter die Exportnachfrage schwächen und so den Handel und die Investitionstätigkeit beeinträchtigen. Das eingetrübte Konsumklima dürfte den Verbrauch dämpfen.
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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.
The recovery offers an opportunity to improve active labour market policies and reskilling and facilitate resource reallocation to restore productivity growth, notably through lowering internal barriers to competition.
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2021 Structural Reform Priorities