Finance Liechtenstein reports IMF’s first Article IV consultation will become annual surveillance and highlights global risks and data gaps

Finance Liechtenstein has published an update on the International Monetary Fund’s first Article IV consultation in Liechtenstein, held from 7 to 20 January 2025, marking the start of annual IMF surveillance of the country. The IMF issued a Concluding Statement with key findings and recommendations. The IMF’s preliminary assessment highlights Liechtenstein’s high per capita income, balanced public finances with no public debt, and strong integration into the global economy, alongside a moderate economic recovery and somewhat improved medium-term growth prospects. It flags risks from the global economic slowdown, increased global fragmentation, and a significant appreciation of the Swiss franc, and expects longer-term spending pressures from population ageing, climate change, and the need for public investment, underscoring the importance of maintaining surpluses and medium- and long-term fiscal planning. For the financial centre, the IMF positively assesses compliance with international standards and the anti-money laundering and counter-terrorist financing framework, while stressing that adherence to international standards and implementation of international sanctions regimes remain important; it also notes effective macroprudential policy using capital- and borrower-based measures and progress on cybersecurity, but identifies gaps in macroeconomic data and statistics and records the government’s intention to improve data availability. The Concluding Statement will feed into a more comprehensive IMF report on Liechtenstein’s economic and financial situation, expected in spring 2025.