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Switzerland Economic Snapshot

Economic Outlook Note - Switzerland

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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OECD-Wirtschaftsausblick - Schweiz

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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Economic Survey of Switzerland (January 2022)

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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Reform Priorities (April 2021)

Going for Growth 2021 - Switzerland

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

  • 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

 >> Going for Growth homepage

Economic Forecast Summary (November 2022)