Switzerland: 2024 Article IV Consultation-Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Switzerland

Switzerland: 2024 Article IV Consultation-Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Switzerland
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Volume/Issue: Volume 2024 Issue 179
Publication date: June 2024
ISBN: 9798400279065
$20.00
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Topics covered in this book

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Finance , Inflation , Labor , Public Finance , SNB data portal , banking stress test model , climate policy framework , financial system stability assessment update , IMF of exchange restriction , policy stance , Inflation , Labor markets , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Financial sector stability , Global

Summary

Growth is recovering gradually (projected at 1.3 percent in 2024) after slowing in 2023 (0.8 percent). A tight monetary stance and disinflation abroad have brought inflation within SNB’s 0–2 percent price stability range, and the SNB lowered its policy rate in March 2024, ahead of other major central banks. The external current account has remained in surplus but declined, while the general government surplus declined in 2023. Fiscal fundamentals are strong with low debt levels, but mounting spending pressures and remaining future financing gaps in the pension system, including stemming from the recent vote on a 13th monthly pension payment, need to be addressed. The state-facilitated acquisition of Credit Suisse (CS) by UBS stabilized markets, and the authorities have published reform proposals based on their review of the transaction and the TBTF framework. Negotiations with the EU restarted. Climate policy progressed. Medium-term challenges include labor shortages and skill gaps.