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2007 OECD Economic Surveys: Switzerland 2007

image of OECD Economic Surveys: Switzerland 2007

This edition of OECD's periodic survey of the Swiss economy finds that recent developments paint a picture of continued strength, but a number of key challenges remain, including an enormous current accout surplus, making fiscal policy more supportive of economic growth, deficiencies in the regulation of goods and services markets and further raising the contribution immigration to prosperity.

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Assessment and recommendations

Switzerland has enjoyed a vigorous economic recovery since 2004. Growth has exceeded euro area outcomes for three consecutive years, after having lagged behind throughout the preceding decade. However, some of the factors fuelling the current upswing are likely to prove temporary. The significant contribution of the financial sector to the expansion has benefited from cyclical strength in global financial markets, which could be coming to an end, and manufacturing from a depreciating exchange rate and above-potential growth in important trading partners, especially Germany. On the other hand, immigration flows have increased, and they have the potential to make a longer-lasting positive contribution to aggregate supply.

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