## 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_

## Source details

**Canonical URL:** [Switzerland: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Switzerland](https://www.imf.org/en/publications/cr/issues/2025/09/16/switzerland-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-570376)

## Other formats

- [Markdown version](/en/publications/cr/issues/2025/09/16/switzerland-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-570376/index.md)
- [Structured JSON version](/en/publications/cr/issues/2025/09/16/switzerland-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-570376/index.json)
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## Bibliographic details
- Published: September 16, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229025195.002

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### 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.

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## Content in this bundle

- **1. Tax Reforms Initiatives**
  - [1. Tax Reforms Initiatives (Markdown version)](/-/media/files/publications/cr/2025/english/1cheea2025001-source-pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [1. Tax Reforms Initiatives (PDF)](/-/media/files/publications/cr/2025/english/1cheea2025001-source-pdf.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2025/09/16/switzerland-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-570376_