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Europe > Switzerland

You are looking at 1 - 9 of 9 items for :

  • Type: Journal Issue x
  • Data Collection and Data Estimation Methodology; Computer Programs: Other x
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Cover IMF Staff Country Reports
Switzerland: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Switzerland
International Monetary Fund. European Dept.
This 2023 Article IV Consultation with Switzerland discusses that growth slowed in 2022, while inflation became a new challenge after a decade of ultra-low or negative inflation. Growth is expected to slow further in 2023—driven by the weak global outlook, tighter monetary policy, and cooling of pent-up demand, before recovering to medium-term potential in 2024. Risks are tilted to the downside, with high uncertainty. Two near-term scenarios are noteworthy. First, an abrupt, synchronized global slowdown could take place at the same time as prolonged high inflation in advanced economies, due to monetary policy miscalibration. Passage and implementation of the revised CO2 Law are critical to achieving climate targets; more is needed to ensure secure energy supply. Efforts to ease the tight labor market should continue. The response to higher inflation has been appropriate and should remain data driven, including further rate hikes if needed. If facing depreciation pressures, the Swiss National Bank could continue to reduce foreign exchange (FX) holdings; it should refrain from FX investments to curb appreciation unless due to excessive market volatility.
Keywords:
draft legislation; SNB balance sheet; FSI website; AML ordinance; investment strategy; well-functioning of financial markets; banking stress test model; Switzerland's GDP; Switzerland well; SNB data; IMF of the exchange restriction; IMF's transparency policy; Inflation; Credit; Financial statements; Central bank policy rate; Global
Cover IMF Staff Country Reports
Switzerland: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Switzerland
International Monetary Fund. European Dept.
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. Strong exports/merchanting led to a higher current account surplus. Although the energy mix (nuclear, hydro) has limited exposure to Russia, exposures of commodity traders and indirect channels could be important. Growth is likely to slow to 2¼ percent in 2022 (¾ ppt. drag from the war). Risks are to the downside (war escalation, Covid developments, real estate). 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 Swiss National Bank is closely monitoring inflation, seeing it returning to the 0–2 percent range this year. The authorities reactivated the sectoral CCyB for residential real estate. They are pursuing pension and labor reforms, climate initiatives, energy security, and renewed EU engagement.
Keywords:
Policy rate hike; debt brake rule; FSI website; inflation pressure; IMF staff estimate; policy challenge; Inflation; COVID-19; Government finance statistics; Global
Cover IMF Staff Country Reports
Switzerland: 2019 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for Switzerland
International Monetary Fund. European Dept.
The Swiss economy has performed relatively well since the global financial crisis. Growth compares favorably with most other advanced countries and aggregate employment has grown robustly. The fiscal position is strong and the external trade surplus remains large and stable despite several episodes of intense appreciation pressure owing to the Swiss franc’s reputation as a safe haven. Growth is expected to temporarily dip to 1.1 percent in 2019 on weakness in external demand. Risks to the outlook are tilted down. Switzerland is also facing several policy challenges: low interest rates are fueling risks in the real estate and mortgage markets; persistent subdued inflation has decreased the operational space for monetary policy; and population aging and technological change will require further upskilling and generate new demands for public resources.
Keywords:
ISCR; CR; government; government report; Switzerland; FINMA; authorities' interpretation; liability positions vis-à-vis nonresident; deposit insurance system; safe-haven pressure; Corporate income tax; Income; Global
Cover IMF Staff Country Reports
Switzerland: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Switzerland
International Monetary Fund. European Dept.
This 2016 Article IV Consultation highlights that the economy of Switzerland withstood relatively well the sharp appreciation that followed the exit from the exchange rate floor. Economic performance has continued to firm in 2016 with support from domestic and external demand. GDP growth is forecast to reach 1.5 percent in 2016, and to stabilize at 1.7 percent over the medium term. Inflation is expected to return to positive territory in 2017 and to continue to rise to the middle of the target band. However, important external and domestic risks could affect this outlook, including resurgence in global financial market volatility, renewed concerns about the financial health of large global banks, and changes in Swiss–European Union economic relations.
Keywords:
ISCR; CR; risk; output gap; debt; interest rate; brake rule; price development; IMF staff estimate; interest rate environment; FSI website; Exchange rates; Housing prices; Mortgages; Central bank policy rate; Global
Cover IMF Staff Country Reports
Côte d'Ivoire: First Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review; Press Release
International Monetary Fund
This paper presents key findings of the First Review for Côte d'Ivoire under the Extended Credit Facility. Program performance at end-2011 was broadly satisfactory. All quantitative performance criteria for end-2011 were met, but the implementation of structural reforms has been mixed. Although good progress has been made to strengthen public financial management, improve the business climate, and reform the cocoa-coffee sector, action on other benchmarks for the financial and energy sectors fell short of program targets. Prospects for 2012 are favorable, notwithstanding the weak external environment.
Keywords:
ISCR; CR; SDR; cocoa sector; financing needs; upside risk; debt management; agriculture sector support Project; Arrears; Government debt management; Government finance statistics; West Africa; Global
Cover IMF Working Papers
Measuring Fiscal Decentralization: Exploring the IMF’s Databases
International Monetary Fund
Conventional wisdom postulates that there are benefits from decentralizing government finances but there is little empirical evidence about actual country practices. This paper presents data on fiscal decentralization for about 80 countries over a period of about 20 years (1990-2008) from the IMF’s Government Finance Statistics Yearbook (GFSY), the only global database with fiscal data for several levels of government. The data show that in many countries, revenue collection remains relatively more centralized than expenditures and that employment tends to be concentrated in lower levels of government. Except for transition economies, the levels of decentralization are relatively stable over the time period. The findings are shown by degree of economic development, constitutional power arrangements, and geographic area, broadly confirming key factors identified in the literature as determining the extent of fiscal decentralization.
Keywords:
WP; government level; country; government; central government; Fiscal federalism; fiscal centralization; government finance statistics; government finance statistic; intra government grant; tax effort; General government; indicated number country; country case studies; standard deviation; decentralized country; country example; a number of country; public goods; Employee contributions; Africa
Cover IMF Staff Country Reports
Côte d'Ivoire: 2009 Article IV Consultation, First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waiver of Nonobservance of Performance Criteria, and Financing Assurances Review
International Monetary Fund
This 2009 Article IV Consultation highlights that Côte d’Ivoire has embarked on comprehensive reform policies to address the challenges of enhancing growth and reducing poverty. It adopted a Poverty Reduction Strategy Paper in February 2009, which covers the seven-year period 2009–15, and aims to transform the country into an emerging economy. The authorities have strengthened fiscal control and the transparency of budget implementation in recent years while making room to increase pro-poor spending. Significant revenue efforts have facilitated an increase in spending for urgent needs.
Keywords:
ISCR; CR; Ivorian authorities; government; PRGF arrangement; Côte d'Ivoire; discussion of Côte d'Ivoire's performance; government face; Côte d'Ivoire's economy; Arrears; Agricultural commodities; Debt service; Global; West Africa
Cover IMF Staff Country Reports
Former Yugoslav Republic of Macedonia: Report on the Observance of Standards and Codes (ROSC)—Data Module
International Monetary Fund
This Report on the Observance of Standards and Codes on Data Module on the Former Yugoslav Republic of Macedonia reviews assessment by agency and dataset. The mission has a set of recommendations for Macedonia’s statistical practices, on discussions with the data-producing agencies and on responses from data users. They are designed to increase further FYR Macedonia’s adherence to internationally accepted statistical practices and would, in the mission’s view, enhance the analytical usefulness of FYR Macedonia’s statistics.
Keywords:
ISCR; CR; balance of payments; SSO; NBRM comment; NBRM release policy; NBRM classification; dissemination policy; NBRM website; Government finance statistics; Monetary statistics; Balance of payments statistics; Consumer price indexes; Europe
Cover Finance & Development
Finance & Development, June 1975
International Monetary Fund. External Relations Dept.
This paper reviews the procurement process under World Bank projects. The paper highlights that the World Bank’s interest in procurement under its loans stems directly from the “project” requirement of its Articles, which stipulates that it should lend for specific projects, except in special circumstances, and that it should ensure that the proceeds of the loan are used only for its specified purpose, with due attention to economy and efficiency. In 1951, the World Bank began introducing international competitive bidding as the normal procedure for procurement of the goods and works needed for its projects.
Keywords:
FD; F&D; government; country; lending; SDR; Bank; developed country; World Bank atlas; government finance statistics; producing country; EEC monetary union; Exports; Oil; Export subsidies; Imports; Government finance statistics; Middle East; Global; Europe; Africa; West Africa