Being
a nation that depends on exports for economic growth, and due to the fact that it is so closely linked to the economies of Western Europe and the United States, Switzerland's economy mirrors slowdowns and growth spurts experienced in these countries.
[...]
During most of the 1990s, the Swiss economy was Western Europe's weakest, with annual GDP growth averaging 0% between 1991 and 1997. Beginning in late 1997, the economy steadily gained momentum until peaking in 2000 with 3% growth in real terms. The economy returned to lackluster growth during 2001-2003, but began growing at or above potential since 2004--2.5% per annum--until the recent global economic crisis, which impacted Switzerland's growth. The year 2008 was marked by a worsening of the financial crisis and the beginning of its spread to the economy as a whole. Long-run economic growth is predicated on structural reforms.
In order to maximize its economic potential, Switzerland will need to push through difficult agrarian and competition policy reforms.
[...]
The Swiss economy earns roughly half of its corporate earnings from the export industry.
The EU is Switzerland's largest trading partner (59% of exports and 75% of imports in 2010), and economic and trade barriers between them are minimal. After more than 4 years of negotiations, an agreement known as the "Bilaterals I" covering seven sectors (research, public procurement, technical barriers to trade, agriculture, civil aviation, land transport, and the
free movement of persons) entered into force on June 1, 2002. Switzerland has so far attempted to mitigate possible adverse effects of non-membership by conforming many of its regulations, standards, and practices to EU directives and norms. Full access to the Swiss market for the original 15 EU member states entered into force in June 2004, ending as a result the "national preference."
Bookmarks