Switzerland: 2021 Article IV consultation — Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Switzerland
IMF Staff Country Reports, June 21, 2021
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- Switzerland: 2021 Article IV consultation — Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Switzerland
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Bibliographic details
- Published: June 21, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513585604.002
Economic impact and recovery outlook
- The pandemic has had major social and economic impacts, but an early, strong, and sustained health and economic policy response helped contain the contraction of activity.
- Recovery has commenced, but uncertainty and risks remain high, dominated by pandemic dynamics.
- The rebound should deepen as vaccination proceeds, containment is eased, and domestic and global demand picks up.
Policy actions taken and their effects
- Coordinated efforts targeting households and firms stemmed a loss of purchasing power and a rise of unemployment and bankruptcies.
- Fiscal support has been rightly extended in 2021.
- Monetary policy remains accommodative.
- Policies should remain supportive until there are clear signs of sustained recovery; the authorities should expand support if needed.
Structural priorities and recommendations
- Redirection to fostering green, digital transformation with attention to low-income earners will be needed.
- Attention is required to ensure that prolonged emergency support does not hinder structural changes in the economy.
Key thematic areas covered
- COVID-19
- Expenditure
- Health
- Income
- Inflation
- International organization
- Monetary policy
- National accounts
- Negative interest rates
- Pension spending
- Prices
Source: Switzerland: 2021 Article IV consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Switzerland (June 21, 2021).
Content in this bundle
- 1cheea2021001