{
  "title": "Switzerland: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Switzerland",
  "publication": "IMF Staff Country Reports, June 20, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/06/15/switzerland-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-519648",
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  "summary": "Recovery was strong in 2021, but there are headwinds from the war in Ukraine. 2021 output was 1 percent higher than in 2019, but 2 percent below pre-Covid trends; unemployment is back to pre-crisis levels. Inflation has picked up (2.5 percent in April), but below other advanced economies.",
  "sections": [
    {
      "heading": "Recent economic performance and recovery",
      "content": "- Recovery was strong in 2021.\n- 2021 output was 1 percent higher than in 2019.\n- 2021 output was 2 percent below pre-Covid trends.\n- Unemployment is back to pre-crisis levels.\n- Strong exports/merchanting led to a higher current account surplus."
    },
    {
      "heading": "Inflation and monetary policy",
      "content": "- Inflation has picked up: 2.5 percent in April.\n- Inflation remains below that of other advanced economies.\n- The Swiss National Bank is closely monitoring inflation, seeing it returning to the 0–2 percent range this year.\n- Policy-related keyword noted: Policy rate hike."
    },
    {
      "heading": "Growth outlook and risks",
      "content": "- Growth is likely to slow to 2¼ percent in 2022.\n- The war in Ukraine is estimated to cause a ¾ ppt. drag on growth in 2022.\n- Risks are to the downside, including:\n  - war escalation,\n  - Covid developments,\n  - real estate sector developments."
    },
    {
      "heading": "External and energy exposures",
      "content": "- Although the energy mix (nuclear, hydro) has limited exposure to Russia, exposures of commodity traders and indirect channels could be important."
    },
    {
      "heading": "Fiscal position and public spending",
      "content": "- Covid outlays are lower in 2022, but still large: 1.2 percent of GDP.\n- Outlays related to Ukraine are likely to be accommodated as extraordinary."
    },
    {
      "heading": "Macroprudential and financial measures",
      "content": "- The authorities reactivated the sectoral CCyB for residential real estate."
    },
    {
      "heading": "Structural policies and other priorities",
      "content": "- The authorities are pursuing:\n  - pension and labor reforms,\n  - climate initiatives,\n  - energy security,\n  - renewed EU engagement.\n\n---\n\n Content in this bundle\n\n- 1cheea2022001\n  - 1cheea2022001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1cheea2022001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 20, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400212956.002",
    "Recovery was strong in 2021.",
    "2021 output was 1 percent higher than in 2019.",
    "2021 output was 2 percent below pre-Covid trends.",
    "Unemployment is back to pre-crisis levels.",
    "Strong exports/merchanting led to a higher current account surplus.",
    "The Swiss National Bank is closely monitoring inflation, seeing it returning to the 0–2 percent range this year.",
    "Policy-related keyword noted: Policy rate hike.",
    "Growth is likely to slow to 2¼ percent in 2022.",
    "The war in Ukraine is estimated to cause a ¾ ppt. drag on growth in 2022.",
    "Risks are to the downside, including:",
    "Although the energy mix (nuclear, hydro) has limited exposure to Russia, exposures of commodity traders and indirect channels could be important.",
    "Covid outlays are lower in 2022, but still large: 1.2 percent of GDP.",
    "Outlays related to Ukraine are likely to be accommodated as extraordinary.",
    "The authorities reactivated the sectoral CCyB for residential real estate.",
    "The authorities are pursuing:",
    "**1cheea2022001**"
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