Switzerland: 2004 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Switzerland
IMF Staff Country Reports, June 18, 2004
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- Switzerland: 2004 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Switzerland
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Bibliographic details
- Published: June 18, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451807219.002
Economic outlook and drivers
- The economy of Switzerland has started to grow again on the back of stronger exports and domestic investment.
- Growth is supported by accommodative monetary and fiscal policies.
- The global environment is described as a "nascent global recovery," from which Switzerland is well placed to benefit.
Labor market and prices
- Unemployment has risen, but "at 4 percent is low by international standards."
- Inflation remains negligible.
External position
- The current account is running a large surplus.
Policy assessment
- Executive Directors commended the authorities’ sound macroeconomic policies that have placed the Swiss economy in a good position to benefit from the nascent global recovery.
- Identified policy stances supporting recovery: accommodative monetary policy and accommodative fiscal policy.
Source: Switzerland: 2004 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Switzerland (IMF Staff Country Reports, 2004).