Switzerland has one of the most competitive economies across the globe due to its specialized industries and a highly motivated and highly skilled workforce of approximately 4.9 million people out of an 8.5 million population.
Switzerland’s currency is the Swiss Franc. Compared with the US dollar or the Euro, it is safe to say that the Swiss Francs are also among the strong global currencies.
The Swiss economy is one of the world’s most competitive economies in the world. About 74% of the Swiss GDP is generated by the service sector followed by 25% by the various industries. Major Swiss exports include Chemical & Pharmaceutical products, Machinery & Electronics, followed by watches and agricultural products. The European Union is the major trade partner for Switzerland, with more than 50% its exports are to the European Union.
In recent years, the efficient performance of the Swiss government, specifically the federal council and other keys stakeholders in economic policy making, have ensured that Swiss market economy has a positive future.
For any country to prosper, it is important that economic and political conditions compliment each other, Switzerland has largely enjoyed political stability and that has helped the Swiss government in making key long-term decisions.
The Switzerland economic growth is evident from where the country ranks in the global per capita GDP index. Switzerland’s per capita GDP is the among the highest in the world. The GDP per capita of Switzerland in 2020 stood at US$ 86,674.
Switzerland also has managed to keep its gross debt levels really low, since the early 2000’s policies around household consumption have also helped in maintaining low public debt.
One of the key reasons behind the high economic growth of the Switzerland economy is the highly skilled service sector. Over the last few years, the robust state of the economy has ensured that Switzerland has low unemployment. The unemployment rate in Switzerland is around 3% of the labour force.