Download or read book Switzerland 2022 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Switzerland written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-20 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 21⁄4 percent in 2022 (3⁄4 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.
Download or read book 2022 article IV consultation press release staff report staff statement and statement by the executive director for Switzerland written by and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book 2022 Article IV Consultation press Release Staff Report and Statement by the Executive Director for Switzerland written by and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Switzerland written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-06-07 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth slowed in 2022 to 2.1 percent and should decline to 0.8 percent in 2023, with risks on the downside. Inflation was 2.9 percent in March and may remain above 2 percent until 2024, due to wage pressures and rent increases. The current account surplus is expected to moderate to 7.8 percent of GDP in 2023 (global slowdown, normalization of merchanting trade). The focus of fiscal policy has shifted to offsetting extraordinary outlays while addressing medium-term spending needs within the debtbrake rule. Monetary policy is focused on reducing inflation. Credit Suisse challenges led to state-facilitated acquisition by UBS. Otherwise, financial sector buffers remain strong, but risks have increased. Pension reforms and EU dialogue progressed. Challenges are aging and skill gaps, energy security, green transition, and geo-economic fragmentation.
Download or read book Switzerland written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Italy written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2022-08 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: GDP has fully recovered from the pandemic crisis, but government debt has risen to very high levels. The war in Ukraine triggered a surge in energy prices and the prospect of monetary policy tightening caused government bond yields to rise sharply. Implementation of the National Recovery and Resilience Plan (NRRP), which provides large EU grants and loans conditioned on implementing a comprehensive reform and investment program, is underway.
Download or read book 2019 Article IV Consultation press Release Staff Report and Statement by the Executive Director for Switzerland written by and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book 2016 Article IV Consultation press Release Staff Report and Statement by the Executive Director for Switzerland written by and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Switzerland 2021 Article IV Consultation Press Release Staff Report Staff Statement and Statement by the Executive Director for Switzerland written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-21 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Switzerland has navigated the COVID-19 pandemic well. The pandemic has had major social and economic impacts, but an early, strong, and sustained health and economic policy response helped contain the contraction of activity. Coordinated efforts targeting households and firms stemmed a loss of purchasing power and a rise of unemployment and bankruptcies. Recovery has commenced, but uncertainty and risks remain high, dominated by pandemic dynamics. The rebound should deepen, as vaccination proceeds, containment is eased, and domestic and global demand picks up. Fiscal support has been rightly extended in 2021, and monetary policy remains accommodative. Policies should remain supportive until there are clear signs of sustained recovery; the authorities should expand support if needed. Redirection to fostering green, digital transformation with attention to low-income earners will be needed, including to ensure that prolonged emergency support does not hinder structural changes in the economy.
Download or read book 2018 Article IV Consultation press Release Staff Report and Statement by the Executive Director for Switzerland written by and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Portugal written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-30 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: After a deeper pandemic-induced recession than the rest of the euro area in 2020, the Portuguese economy gained ground in 2021, and growth strengthened further in 2022:Q1. Employment reached pre-pandemic levels in 2021:H2 and GDP in 2022:Q1. Nonetheless output is expected to remain below pre-pandemic trend over the medium term. While growth in 2022:Q1 was supported by a strong bounce back in tourism and domestic demand, the recovery for the rest of the year is expected to be hampered by the war in Ukraine despite limited direct linkages with Russia and Ukraine, due to higher commodity prices, supply-side disruptions, and weaker confidence and external demand. The outlook is clouded by uncertainty relating to the war, new virus waves, and the ultimate effect of the pandemic on corporate, bank, and public sector balance sheets. While declining and with improved composition, public debt would remain high.
Download or read book 2014 Article IV Consultation staff Report Press Release and Statement by the Executive Director for Switzerland written by and published by . This book was released on 2014 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Germany written by International Monetary Fund. European Dept. and published by INTERNATIONAL MONETARY FUND. This book was released on 2022-07-20 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fallout from the war in Ukraine has hit the German economy before it regained its pre-pandemic GDP level, with effects running through higher energy costs, the possibility of gas shortages and broader supply disruptions, and weaker confidence. Consumer price inflation has spiked above 8 percent, largely because of energy price increases, but inflation pressures are becoming more widespread.
Download or read book Denmark 2022 Article IV Consultation Press Release Staff Report and Statement by the Alternate Executive Director for Denmark written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-16 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: The strength of the economic recovery bodes well for the rebound in activity to persist, but uncertainty remains high due to the war in Ukraine and the pandemic, with risks tilted to the downside. With employment above pre-pandemic levels, however, labor market pressures have increased. High energy prices have propelled inflation to a historic high. The current account remains elevated. High household debt constitutes a key source of risk as house price growth remains strong.
Download or read book Switzerland written by and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Switzerland written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2024-06-24 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth is recovering gradually (projected at 1.3 percent in 2024) after slowing in 2023 (0.8 percent). A tight monetary stance and disinflation abroad have brought inflation within SNB’s 0–2 percent price stability range, and the SNB lowered its policy rate in March 2024, ahead of other major central banks. The external current account has remained in surplus but declined, while the general government surplus declined in 2023. Fiscal fundamentals are strong with low debt levels, but mounting spending pressures and remaining future financing gaps in the pension system, including stemming from the recent vote on a 13th monthly pension payment, need to be addressed. The state-facilitated acquisition of Credit Suisse (CS) by UBS stabilized markets, and the authorities have published reform proposals based on their review of the transaction and the TBTF framework. Negotiations with the EU restarted. Climate policy progressed. Medium-term challenges include labor shortages and skill gaps.
Download or read book Switzerland 2008 Article IV Consultation Staff Report Public Information Notice on the Executive Board Discussion and Statement by the Executive Director for Switzerland written by and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
