Is Switzerland an economically prosperous country?
Previous guarantees of success for Switzerland
Switzerland is one of the most competitive economies in the world
Switzerland could not just adapt to structural change. Rather, our country is one of the most competitive economies in the world today. The companies in our small, but globally strongly networked country know how to successfully assert themselves on the world market in the age of globalization. You benefit from competitive and innovation-friendly framework conditions in our country and use them as a competitive advantage. Switzerland is a country with few natural resources and a small home market. It is therefore dependent on an intensive exchange with the rest of the world. This is the only way to ensure growth and prosperity.
Various international comparisons confirm Switzerland's location policy, which has been successful for years. The most cited study on competitiveness comes from the World Economic Forum (WEF). Switzerland has been in first place in their Global Competitiveness Index for years. Other rankings on competitiveness and innovation come to similar conclusions: The renowned study by the International Institute for Management Development (IMD) in Lausanne has ranked Switzerland among the four most competitive economies in the world for four years.
Nine success factors for the Swiss economy
Of course, the question of what has made Switzerland and the Swiss economy so strong is of interest. The various rankings are based on a large number of indicators such as macroeconomic stability, infrastructures, education system, health system, labor market or innovation. How is Switzerland positioned to score points with these indicators? And above all: What does Switzerland have to do in order to continue to score points in the future?
The success of the Swiss economy in the globalized competitive environment is based on various central building blocks that have ensured a long-term economic policy. In the past, Switzerland has obviously set the right course for many. In the following, we identify nine fundamental success factors that have made Switzerland the most competitive country in the world.
That is what makes Switzerland successful
- Macro-economic stability: Economic success needs framework conditions that enable long-term investments: Legal security, stable social and political conditions and an independent monetary policy are basic prerequisites for the sustainable economic success of a country - this applies more than ever in a digital economy.
- Functioning market economy: Good ideas can prevail in Switzerland, there is a wide range of goods and services. The state has the important task of promoting this competition, also across borders. Isolation and protectionism are not recipes for a prosperous and internationally competitive business location.
- Free enterprise: Successful entrepreneurship is the basis for Switzerland's economic success. In order to be able to develop, you need as much freedom as possible. State guard rails are only necessary where the market fails.
- Open access to world markets: As an export nation, Switzerland needs excellent access to foreign markets. This is ensured through free trade agreements and bilateral contracts and is a basic requirement for growth, especially in the digitized space.
- Leading educational and research center: The quality of Swiss education and research is outstanding and a key to progress. Because the most valuable raw material in Switzerland is innovation. The dual education system must therefore be maintained and consistently developed. The same applies to the fruitful collaboration between public research institutions and the private sector.
- Competitive finance and tax policy: Healthy public finances strengthen confidence in the location. Switzerland did a lot of things right here. This also applies to their tax policy, which is based on a competitive system.
- Efficient infrastructures: It is a joint task of the state and business to provide high-performance infrastructures that are operated as independently as possible. The expansion of capacities should be based on the needs of companies and the population.
- Free and open labor markets: An open, flexible labor market contributes a lot to Switzerland's prosperity. In order for it to work, companies need access to skilled workers and a fair social partnership.
- Secure, competitive energy supply and efficient protection of the environment: A secure and affordable energy supply and an intact environment are important location factors. Natural resources must be used sparingly.
Together, these factors have made Switzerland the most competitive country in the world today.
Source: own illustration
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