{
  "title": "Switzerland: 2021 Article IV consultation — Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Switzerland",
  "publication": "IMF Staff Country Reports, June 21, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/06/18/switzerland-2021-article-iv-consultation-press-release-staff-report-staff-statement-and-460893",
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  "summary": "Switzerland has navigated the COVID-19 pandemic well. 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.",
  "sections": [
    {
      "heading": "Economic impact and recovery outlook",
      "content": "- 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.\n- Recovery has commenced, but uncertainty and risks remain high, dominated by pandemic dynamics.\n- The rebound should deepen as vaccination proceeds, containment is eased, and domestic and global demand picks up."
    },
    {
      "heading": "Policy actions taken and their effects",
      "content": "- Coordinated efforts targeting households and firms stemmed a loss of purchasing power and a rise of unemployment and bankruptcies.\n- Fiscal support has been rightly extended in 2021.\n- Monetary policy remains accommodative.\n- Policies should remain supportive until there are clear signs of sustained recovery; the authorities should expand support if needed."
    },
    {
      "heading": "Structural priorities and recommendations",
      "content": "- Redirection to fostering green, digital transformation with attention to low-income earners will be needed.\n- Attention is required to ensure that prolonged emergency support does not hinder structural changes in the economy."
    },
    {
      "heading": "Key thematic areas covered",
      "content": "- COVID-19\n- Expenditure\n- Health\n- Income\n- Inflation\n- International organization\n- Monetary policy\n- National accounts\n- Negative interest rates\n- Pension spending\n- Prices\n\nSource: Switzerland: 2021 Article IV consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Switzerland (June 21, 2021).\n\n---\n\n Content in this bundle\n\n- 1cheea2021001\n  - 1cheea2021001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1cheea2021001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 21, 2021",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513585604.002",
    "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.",
    "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.",
    "Policies should remain supportive until there are clear signs of sustained recovery; the authorities should expand support if needed.",
    "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.",
    "**1cheea2021001**"
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