Editing Economy of Switzerland (section)

=== 21st century ===

In the [[early 2000s recession]], being so closely linked to the economies of Western Europe and the [[United States]], Switzerland could not escape the slowdown in these countries. After the worldwide stock market crashes in the wake of the 9/11 terrorist attacks, there were more announcements of false enterprise statistics{{clarify|date=January 2019}} and exaggerated managers' wages. The rate of GDP growth dropped to 1.2% in 2001; 0.4% in 2002; and minus 0.2% in 2003. This economic slowdown had a noticeable impact on the [[labour market]].

Many companies announced mass dismissals and thus the unemployment rate rose from its low of 1.6% in September 2000 to a peak of 4.3% in January 2004,<ref name=Amstat>{{Cite web |url=https://www.amstat.ch/v2/index.html |title=Amstat.ch |website=www.amstat.ch |language=de |access-date=19 September 2018}}</ref> although well below the [[European Union]] (EU) rate of 9.2% at the end of 2004.<ref>{{Cite web |url=https://ec.europa.eu/eurostat/statistics-explained/index.php/Unemployment_statistics#Longer-term_unemployment_trends |title=Unemployment statistics - Statistics Explained |website=ec.europa.eu |language=en |access-date=19 September 2018}}</ref>

On 10 November 2002 the economics magazine ''Cash'' suggested five measures for political and economic institutions to implement to revive the Swiss economy:

1. Private consumption should be promoted with decent wage increases. In addition to that, families with children should get discounts on their health insurance.

2. Switzerland's national bank should revive investments by lowering interest rates. Besides that, monetary institutions should increasingly credit consumers{{clarify|date=January 2019}} and offer cheaper land to be built on.
[[File:Euro to Swiss Franc exchange rate.webp|thumb|280px|
{{legend|#E57169|[[Euro]] to [[Swiss franc|Swiss Franc]] [[exchange rate]]. In 2022, the [[Swiss National Bank]] reported a record loss of CHF 132 billion ($142 billion), mostly on its holdings of the Euro currency.<ref name="1SWI swissinfo.ch 2022">{{cite web | title=SNB reports CHF142 billion nine-month loss | website=SWI swissinfo.ch | date=2022-10-31 | url=https://www.swissinfo.ch/eng/business/snb-reports-chf143-billion-nine-month-loss/48018574 | access-date=2022-12-05}}</ref><ref>{{cite web | url=https://www.swissinfo.ch/eng/the-most-critical-questions-about-the-swiss-central-bank-s-huge-losses/48261774 | title=The most critical questions about the Swiss central bank's huge losses | date=7 February 2023 }}</ref> |outline=#001489}}]]
3. Switzerland's national bank was asked to devalue the Swiss Franc, especially compared to the Euro.

4. The government should implement the anti-cyclical measure of increasing budget deficits. Government spending should increase in the infrastructure and education sectors. Lowering taxes would make sense in order to promote private household consumption.

5. Flexible work schedules should be instituted, thus avoiding low demand dismissals.

These measures were applied with successful results while the government strove for the ''Magical Hexagon'' of full employment, social equality, economic growth, environmental quality, positive trade balance and price stability. The rebound which started in mid-2003 saw growth rate growth rate averaging 3% (2004 and 2005 saw a GDP growth of 2.5% and 2.6% respectively; for 2006 and 2007, the rate was 3.6%). In 2008, GDP growth was modest in the first half of the year while declining in the last two quarters. Because of the base effect, real growth came to 1.9%. While it contracted 1.9% in 2009, the economy started to pick up in Q3 and by the second quarter of 2010, it had surpassed its previous peak. Growth for 2010 was 2.6%<ref name="seco.admin.ch">{{cite web |url=http://www.seco.admin.ch/themen/00374/00456/00458/index.html?lang=en |title=Gross domestic product - quarterly estimates |access-date=2010-10-11 |url-status=dead |archive-url=https://web.archive.org/web/20100923194412/http://www.seco.admin.ch/themen/00374/00456/00458/index.html?lang=en |archive-date=2010-09-23 }}</ref>

The stock market collapse of 2007-2009 deeply affected investment income earned abroad. This translated to a substantial fall in the surplus of the [[Current account (balance of payments)|current account balance]]. In 2006, Switzerland recorded a 15.1% per GDP surplus. It went down to 9.1% in 2007 and further dropped to 1.8% in 2008. It recovered in 2009 and 2010 with a surplus of 11.9% and 14.6% respectively.<ref>{{cite web|url=https://www.ubs.com/1/ShowMedia/wealthmanagement/wealth_management_research/ubs_outlook?contentId=190677&name=OUTCH_0211_fr.pdf|title=Outlook T1|access-date=2011-04-27|archive-date=5 September 2014|archive-url=https://web.archive.org/web/20140905033505/https://www.ubs.com/1/ShowMedia/wealthmanagement/wealth_management_research/ubs_outlook?contentId=190677&name=OUTCH_0211_fr.pdf|url-status=dead}}</ref> Unemployment peaked in December 2009 at 4.4%. In August 2018 the unemployment rate was 2.4%.<ref name=Amstat/>

The chart below shows the trend of the gross domestic product of Switzerland at market prices:<ref>{{Cite web|url=https://www.bfs.admin.ch/bfs/en/home/statistiken/volkswirtschaft/volkswirtschaftliche-gesamtrechnung/bruttoinlandprodukt.html|title=Gross Domestic Product|first=Federal Statistical|last=Office|website=www.bfs.admin.ch}}</ref>
{| class="wikitable"
|-
! Year || GDP (billions of [[Swiss franc|CHF]]) || US dollar exchange
|-
| 1980 || 184 || 1.67 Francs
|-
| 1985 || 244 || 2.43 Francs
|-
| 1990 || 331 || 1.38 Francs
|-
| 1995 || 374 || 1.18 Francs
|-
| 2000 || 422 || 1.68 Francs
|-
| 2005 || 464 || 1.24 Francs
|-
| 2006 || 491 || 1.25 Francs
|-
| 2007 || 521|| 1.20 Francs
|-
| 2008 || 547|| 1.08 Francs
|-
| 2009 || 535|| 1.09 Francs
|-
| 2010 || 546|| 1.04 Francs
|-
| 2011 || 659|| 0.89 Francs
|-
| 2012 || 632|| 0.94 Francs
|-
| 2013 || 635|| 0.93 Francs
|-
| 2014 || 644|| 0.92 Francs
|-
| 2015 || 646|| 0.96 Francs
|-
| 2016 || 659|| 0.98 Francs
|-
| 2017 || 668|| 1.01 Francs
|-
| 2018 || 694|| 1.00 Francs
|-
| 2019 || 717|| 0.99 Francs
|-
| 2020 || 750|| 0.94 Francs
|-
| 2021 || 780|| 0.91 Francs
|-
| 2022 || 885|| 0.95 Francs
|-
| 2023 || 885|| 0.90 Francs
|}