The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
This paper describes economic developments in Switzerland during the 1990s. Between 1990 and 1993, real GDP fell by a cumulative 11/4 percent. The tightening of monetary policy in response to rising inflation in the late 1980s induced a contraction in domestic demand that sent the economy into decline in 1991. This decline was prolonged by the downturn of other European economies during 1992-93, although the latter had only a modest effect on Swiss exports, which continued to grow slowly.