Switzerland's Federal Department of Finance released the International Monetary Fund’s concluding statement from its 2025 Article IV mission, which commends Switzerland’s economic resilience but flags challenges around federal spending pressures and the need to strengthen financial stability. The IMF expects real growth of 1.3% in 2025 (adjusted for sporting events), supported by private consumption, real wage growth and construction, while highlighting external risks from geopolitical tensions and uncertainty over global trade policy and supply chains. It views the federal budget stance as prudent, with a planned deficit of 0.2% of GDP for 2025, and judges the Swiss National Bank’s monetary policy appropriate, with inflation expectations anchored around the mid-point of the 0%–2% target range. In the financial sector, drawing on the ongoing Financial Sector Assessment Program (FSAP), the IMF calls for a stronger framework for supervision, crisis management and resolution, including lessons from the Credit Suisse case, and welcomes the Federal Council’s reform proposals as broadly aligned with FSAP recommendations. The IMF’s full Article IV and FSAP reports are due to be published in autumn.
Federal Department of Finance (Switzerland) 2025-07-01
Switzerland's Federal Department of Finance publishes IMF Article IV conclusions calling for tighter control of fiscal pressures and stronger financial stability reforms
The Swiss Federal Department of Finance released the IMF's 2025 Article IV mission statement, praising Switzerland's economic resilience but noting challenges in federal spending and financial stability. The IMF forecasts 1.3% real growth in 2025, supported by private consumption and construction, while highlighting external risks. It calls for stronger financial supervision and crisis management, aligning with the Federal Council's reform proposals.