Economy of Switzerland
Economy of Switzerland
Switzerland as the world knows it today is a country with strong and stable economy. With countries ups and downs, the noticeable economic revival begun in 2002, when political and economic actors have implemented a “game plan” which included certain measurements. With certain handling of situation in economy, Switzerland could feel a perceptible growth year after year. This essay discuses Switzerland’s achievements in development of country’s economy, as well as examines unavoidable impact of European crisis on important sectors of Switzerland.
Switzerland is a small and highly populated country. With its restricted surface area and lack on natural resources, Switzerland is highly dependent on foreign trade. In order to sustain in competition, country is orientated on import of relatively cheap material, while specializing on the production of high quality. “Switzerland is known for certain export commodities like watches, chocolate, and cheese, but statistics show that mechanical engineering and chemicals account for over half the Swiss export revenue......Its trading partners include Germany, Italy, France, Austria, the U.S and the U.K.”(Thomas White International, 2012) If to talk about competition, Switzerland despite a lack of natural resources, according to the Global Competitiveness Report 2011-2012 retains its 1st place position this year as a result of its continuing strong performance across the board. An important sector in the country is considered to be machinery sector, due to crisis in Europe; country could feel a heavy hit on this area. “The European Union’s economic problems are taking their toll on the Swiss machinery industry, which expects sales and profits to fall heavily this year after orders from abroad declined nearly 13% in the first half”.(Neil Maclucas, 2012) However, despite tough times of recession, country managed to adapt quickly to changes in the economic climate, and retain its position in
Switzerland as the world knows it today is a country with strong and stable economy. With countries ups and downs, the noticeable economic revival begun in 2002, when political and economic actors have implemented a “game plan” which included certain measurements. With certain handling of situation in economy, Switzerland could feel a perceptible growth year after year. This essay discuses Switzerland’s achievements in development of country’s economy, as well as examines unavoidable impact of European crisis on important sectors of Switzerland.
Switzerland is a small and highly populated country. With its restricted surface area and lack on natural resources, Switzerland is highly dependent on foreign trade. In order to sustain in competition, country is orientated on import of relatively cheap material, while specializing on the production of high quality. “Switzerland is known for certain export commodities like watches, chocolate, and cheese, but statistics show that mechanical engineering and chemicals account for over half the Swiss export revenue......Its trading partners include Germany, Italy, France, Austria, the U.S and the U.K.”(Thomas White International, 2012) If to talk about competition, Switzerland despite a lack of natural resources, according to the Global Competitiveness Report 2011-2012 retains its 1st place position this year as a result of its continuing strong performance across the board. An important sector in the country is considered to be machinery sector, due to crisis in Europe; country could feel a heavy hit on this area. “The European Union’s economic problems are taking their toll on the Swiss machinery industry, which expects sales and profits to fall heavily this year after orders from abroad declined nearly 13% in the first half”.(Neil Maclucas, 2012) However, despite tough times of recession, country managed to adapt quickly to changes in the economic climate, and retain its position in