“Companies have put on some muscle again.” “I am convinced that we are in much better shape (than in the 2002/2003 downturn),” says Thomas Daum, director of the Swiss employers association. The open economy has also forced companies to stay lean even during fat years. Tens of thousands of skilled professionals like engineers, nurses and architects have poured into Switzerland since, which has boosted the housing market, filled the government’s tax coffers and fueled consumer spending.
The 7.6 million Swiss are among the world’s highest per capita earners and the country of snow-capped mountains and crystal-clear lakes tops international rankings when it comes to quality of life as well as economic competitiveness. “The recession in Switzerland will be less deep than in the euro area,” said Andres Fuentes, the Organisation for Cooperation and Development’s (OECD) expert for Switzerland. The Swiss economy has grown faster than the euro zone over the last five years and while the Swiss government sees the economy shrinking by 0.8 percent next year, many forecasts for the euro zone and the United States are much more depressing.
“They are now well placed to weather the recession and to be at the forefront in the next recovery.” “Switzerland has got almost everything right over the last five years,” said Holger Schmieding, European chief economist at Bank of America.
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The Swiss will ultimately not be able to just shop away the recession, which the government expects to be the worst since 1991 as demand from elsewhere in the world slows, weighing on exports, the country’s main driver of growth.īut the $490 billion economy, which some feared might face an Iceland-style meltdown after the subprime-related writedowns of its largest bank UBS of some $50 billion, appears to be in pole position to make it through the crisis as a winner.
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