Switzerland: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Switzerland
IMF Staff Country Reports, September 16, 2025
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- Switzerland: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Switzerland
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Bibliographic details
- Published: September 16, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229025195.002
Economic overview and growth outlook
- Switzerland remains highly resilient, supported by strong institutions, prudent policies, and a skilled labor force.
- After slowing in 2024, growth picked up in early 2025 including due to front-loaded exports, but momentum remains tepid.
- Global uncertainty, trade fragmentation, and persistent safe-haven flows have increased economic pressures.
Inflation and monetary policy
- Inflation has fallen to near zero despite policy easing by the Swiss National Bank (SNB).
- Subject keywords indicating focus areas: Central bank policy rate; SNB policy rate; Inflation; Prices.
External sector developments and trade policy shock
- U.S. tariffs to Swiss goods were raised to 39 percent (excluding, inter alia, pharmaceuticals and gold) in August 2025.
- Keywords and subjects note relevance of Tariffs and Taxes in the assessment.
Financial sector and stability
- The report is accompanied by a Financial System Stability Assessment (FSAP) update and related FSAP findings.
- Subject keywords indicate coverage of: Financial sector policy and analysis; Financial sector stability; Financial services; Financial System Stability Assessment update; FSAP finding; Financial System Stability Assessment.
Content in this bundle
- 1. Tax Reforms Initiatives