Switzerland: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Switzerland

Author: International Monetary Fund. European Dept.

Switzerland: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Switzerland

Volume/Issue: Volume 2025 Issue 263

Publication date: September 2025

ISBN: 9798229025195

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Topics covered in this book

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Banks and Banking , Inflation , Taxation - General , Inflation , Tariffs , Central bank policy rate

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Summary

Switzerland remains highly resilient, supported by strong institutions, prudent policies, and a skilled labor force. However, global uncertainty, trade fragmentation, and persistent safe-haven flows have increased economic pressures. After slowing in 2024, growth picked up in early 2025 including due to front-loaded exports, but momentum remains tepid. Inflation has fallen to near zero despite policy easing by the Swiss National Bank (SNB). U.S. tariffs to Swiss goods were raised to 39 percent (excluding, inter alia, pharmaceuticals and gold) in August 2025.