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Europe > Switzerland

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Cover IMF Staff Country Reports
Principality of Liechtenstein: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Principality of Liechtenstein
International Monetary Fund. European Dept.
The 2025 Article IV Consultation with Liechtenstein highlights that after exhibiting significant volatility in 2020-23 with the pandemic and spillovers from Russia’s war in Ukraine, growth has resumed, albeit at a low rate. The economy is recovering moderately. Gross domestic product growth is expected to gain momentum in 2025. A recovery in external demand for industrial products and services and a steady increase in financial services are expected to support growth reaching 1 percent in 2025. Risks to the outlook are tilted to the downside. As a highly open economy, a potential regional or global slowdown or accelerated geo-economic fragmentation would adversely affect exports and impede recovery. Measures are needed to narrow skills gaps for residents and increase domestic labor supply. Preserving pension system sustainability is essential in the face of adverse demographic trends. Priorities include improving timeliness of national accounts and establishing balance of payment statistics.
Keywords:
currency treaty; Liechtenstein's legal tender; Liechtenstein authorities; financial center strategy; Swiss Franc banknote; Labor markets; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector; Income; Global
Cover IMF Staff Country Reports
Principality of Liechtenstein: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper focuses on cross-border income flows in Liechtenstein. In Liechtenstein, the gap between Gross Domestic Product (GDP) and Gross National Income (GNI) is significant due to the country’s economic structure as a financial center with a high percentage of cross-border commuters and globally competitive manufacturers contributing to high GDP per capita. Using currently available data, this paper examines the drivers of the GDP-GNI gap in Liechtenstein to provide a broader context of its high per capita income. The paper illustrates the importance of analyzing Liechtenstein’s economic developments through an alternate lens, given its unique structure, namely the significant presence of commuters as well as foreign investments by Liechtenstein residents. The GDP–GNI gap is among the largest among major economies and comparable in magnitude to Ireland and Luxembourg—but is more volatile. Liechtenstein’s gap is largely due to net outflows to foreign workers, and not because MNCs are domiciling operations in the country for financial reasons.
Keywords:
property income; Liechtenstein authorities; budget rule principle; High-Frequency Indicator of Economic Growth; gender wage gap; labor market characteristic; Income; Pensions; Pension spending; Labor markets; Value-added tax; Global; Europe
Cover System of Environmental-Economic Accounting
System of Environmental-Economic Accounting
Ecosystem Accounting
United Nations
,
European Commission
,
Food and Agricultural Organization of the United Nations
,
Organisation for Economic Co-operation and Development
,
United Nations Environment Programme
, and
World Bank

Abstract

The System of Environmental-Economic Accounting: Ecosystem Accounting (SEEA EA) constitutes an integrated and comprehensive statistical framework for organizing data about habitats and landscapes, measuring the ecosystem services, tracking changes in ecosystem assets, and linking this information to economic and other human activity. The United Nations Statistical Commission adopted the SEEA Ecosystem Accounting at its 52nd session in March 2021. This adoption follows a comprehensive and inclusive process of detailed testing, consultation and revision. Today, ecosystem accounts have already been used to inform policy development in more than 34 countries.

Keywords:
ecosystem service; ecosystem type; ecosystem assets; ecosystem asset; ecosystem accounting; Environmental policy; Asset valuation; Natural resources; Global; Europe
Cover Technical Assistance Reports
Libya: Technical Assistance Report-Redesign of Income Tax Forms
International Monetary Fund. Middle East and Central Asia Dept.
METAC assisted the Libyan Tax Authority in reviewing tax forms to enhance taxpayer data collection. The proposed data set will significantly expand existing information, improving the completeness of taxpayer records and greatly aiding the risk assessment process.
Keywords:
Registration application; Annual Tax declaration for unincorporated taxpayers; Annual Corporate Income Tax; Data; Risk assessment; Industry classification; Business community; Libya.; declaration reporting; LTA staff; LTA income tax operation; income tax registration; request of the Libyan Tax Authority; Income tax systems; Income; Corporate income tax; Tax administration core functions; Taxpayer registration
Cover International Monetary Fund Annual Report 2024
International Monetary Fund Annual Report 2024
Resilience in the Face of Change
International Monetary Fund. Secretary's Department

Abstract

The experience of the global economy since the end of the pandemic has been turbulent. The 2024 IMF Annual Report highlights the IMF’s work to on global challenges, including safeguarding macroeconomic stability, returning to fiscal sustainability, bringing inflation back to targets, and embracing transformative developments. In FY 2024, the Fund continued to support its members in our three core areas: 1) Economic surveillance: 128 country health checks completed. 2) Lending: $70 billion to 30 countries, including about $15 billion to 20 low-income countries, for a total of $357 billion to 97 countries since the start of the pandemic. 3) Capacity development: $382 million for hands-on technical advice, policy-oriented training, and peer learning. The report is also available in Arabic, Chinese, French, German, Japanese, Portuguese, Russian, and Spanish. Note: The 2024 IMF Annual Report covers the activities of the Executive Board and IMF management and staff during the financial year May 1, 2023, through April 30, 2024, and in some cases more recently. Background: The Annual Report website includes the IMF’s financial statements for FY 2024 and other background documentation. The Annual Report and the financial statements are also available online at www.imfbookstore.org or www.elibrary.IMF.org

Keywords:
inflation; resilience; debt vulnerabilities; inequality food insecurity; quota; PRGT; geopolitical fragmentation; conflict; climate change; digitalization; cyber risks; artificial intelligence; capacity development; lending; economic surveillance; Deputy managing director; IMF organization chart; boards of governors of the bank; Joint Ministerial Committee of the boards of governors; and international cooperation; IMF staff calculation; IMF-World Bank Annual Meetings; IMF employee; IMF research; capital markets department; Training and development in revenue administration; Credit; External audit; Balance of payments need; Global; Middle East; Asia and Pacific; Europe
Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issue Paper studies the relationship between monetary policy, financial conditions, and real activity during the current monetary policy-tightening episode in Switzerland. After a review of various channels through which monetary policy changes affect financial conditions, the paper shows that the transmission of policy rates to market rates has been swift and that the exchange rate is an important channel. The response of real activity to tightening financial conditions has remained broadly in line with past tightening episodes. The interest rate increase has influenced cash flows for households due to higher mortgage interest expenses. Higher interest rates also lead to higher rental cost for non-homeowners. Policy rate adjustments affect the average interest rates of mortgages and thus the mortgage reference interest rate, which is a factor for rent adjustments by Swiss regulation. Monetary tightening has contributed to a slowdown of private credit and house-price growth. Growth of mortgage loans, which represent 85 percent of bank lending, moderated to 2.4 percent in 2023 from 3.5 percent in 2022.
Keywords:
mortgage price; market valuation; real estate price development; monetary policy transmission; B. Beveridge Curve dynamics; Real estate prices; Mortgages; Labor markets; Inflation; Central bank policy rate; Global; Europe
Cover IMF Staff Country Reports
Switzerland: 2024 Article IV Consultation-Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Switzerland
International Monetary Fund. European Dept.
The 2024 Article IV Consultation discusses that growth is recovering gradually after slowing in 2023 in Switzerland. In order to counter risks of inflation moving to and settling at very low rates, the rate cut ahead of other central banks was appropriate. Going forward, monetary policy should remain responsive to incoming data, while taking into account international monetary policy developments. Banks have strong buffers, but vulnerabilities related to real estate persist. Ample capital buffers should be maintained, the macroprudential toolkit expanded, supply-side actions to stem pressure on the residential housing market advanced and data gaps closed. The authorities should continue to promote labor market and pension reforms to incentivize labor force participation of women, older workers, and immigrants and address labor shortages, skills gaps, and potential fiscal imbalances. The revised CO2 Act clarifies the policy framework for 2025–2030 but is less ambitious than initially proposed and might require acquiring more emissions-reduction credits from internationally. Advancing negotiations with the EU and enhancing cooperation with other key partners would mitigate uncertainty and strengthen resilience against geo-economic fragmentation risks.
Keywords:
SNB data portal; banking stress test model; climate policy framework; financial system stability assessment update; IMF of exchange restriction; policy stance; Inflation; Labor markets; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Global
Cover Technical Assistance Reports
Republic of Poland: Technical Assistance Report-Aligning the Stabilizing Expenditure Rule to the European Union Fiscal Framework
International Monetary Fund. Fiscal Affairs Dept.
The stabilizing expenditure rule (SER) in Poland has been instrumental in fostering fiscal discipline in the years leading up to the pandemic. The pandemic and subsequent shocks severely tested the expenditure rule. Returning to the SER limit after severe shocks proved challenging, making clear the needs to revise the SER to preserve its credibility. The government could enhance the credibility of the expenditure rule through broadening its coverage and strengthening compliance, including establishing an independent fiscal council. Moreover, aligning to the EU fiscal framework will require (i) ensuring expenditure limits implied in the SER to be consistent with the EU net expenditure path; and (ii) providing explanation on the differences in expenditure coverage and classification between the SER and the EU fiscal framework to ensure compliance. Over time, transition to binding multi-year limits in the SER would improve linkages between annual budgets and medium-term fiscal planning.
Keywords:
Expenditure rule; Fiscal rule; Correction mechanism; EU economic governance; fiscal framework; Debt; Expenditure baseline; Republic of Poland.; SER limit; net expenditure path; EU net expenditure indicator; expenditure path; Fiscal rules; EU governance framework; Fiscal governance; Fiscal councils; Global
Cover Selected Issues Papers
Securing Fiscal Discipline and Credibility in WAEMU: WAEMU
Ljubica Dordevic
and
Olivia Y Ibrahim
Fiscal consolidation and the reintroduction of the WAEMU fiscal framework is crucial for maintaining debt sustainability, external viability, and financial stability. The 3 and 70 percent of GDP deficit and debt ceilings envisaged by the expired rule remain appropriate, while addressing the stock-flow adjustments will help rebuild fiscal buffers. Convergence to a fiscal deficit of 3 percent of GDP should be ensured by 2025— barring exceptional circumstances—with focus on domestic revenue mobilization, while controlling expenditure. To secure fiscal discipline and credibility, it is essential to revamp the fiscal rule with a credible debt correction mechanism and exogenous escape clauses.
Keywords:
monetary union; fiscal policy; fiscal consolidation; fiscal rules; debt; stock flow adjustment; stock-flow adjustment; credibility in WAEMU; deficit ceiling; deficit target; deficit rule; Debt sustainability; Fiscal space; Global
Cover IMF Working Papers
Central Banks Casting a Global Financial Safety Net: What Drives the Supply of Bilateral Swaps?
Jakree Koosakul
and
Alexei Miksjuk
The expansion of bilateral swap arrangements (BSAs) since the Global Financial Crisis has led to a substantial reconfiguration of the Global Financial Safety Net (GFSN). This paper examines the drivers of BSA supply using a novel dataset on all publicly documented BSAs. It finds that countries with well-developed financial markets and institutions and high trade openness are more likely to backstop other economies by establishing BSAs. In addition, their choice of BSA counterparts is driven by strong investment and trade exposures to these countries, with variation in the relative importance of these factors across major BSA providers. The paper shows that geopolitical considerations often affect such decisions, as BSAs are less likely to be established between geopolitically distant countries and more likely between countries in the same regional economic bloc.
Keywords:
Bilateral swap arrangements; geoeconomic fragmentation; global financial safety net; liquidity provision; BSA supply; BSA source country; GFSN evolution; BSA counterpart; Liquidity; Financial sector development; Financial safety nets; International reserves; Global financial crisis of 2008-2009; Global