Executive Summary
Assessment and Recommendations
Chapter 1. Macroeconomic Performance and Main Challenges
-Recent Economic Development Paint a Picture of Continued Strength
-Macroeconomic Policy Must Aim to Head off a Rise in Inflation
-Medium-Term Challenges in Fiscal Policy are Still Substantial
-Productivity in Sectors Lacking in Competition is Holding back Growth Performance
-Immigration Inflows have Sustained Labour Supply
-Annex 1.A1. Progress in Structural Reforms
Chapter 2. The Significance of Switzerland's Enormous Current Account Surplus
-Recent Developments in Switzerland's Balance of Payments
-What Could Be Causing this Huge Surplus?
-The Implications for Public Policy
Chapter 3. Making Fiscal Policy More Supportive of Economic Growth
-The Fiscal Framework Should Steer Public Finances onto a Sustainable Path
-Social Spending Should be Better Contained
-The Tax System Should be Modified to Safeguard Competitiveness and Reduce Distortions
Chapter 4. Deficiencies the Regulation of Goods and Services Markets Remain
-Recent Reform in Competition Law and Competition Law Enforcement Needs to be Followed Up
-Technical Barriers to Trade Can Still be Lowered
-The Scope to Intensify Competition in Network Industries is Still Large
-Public Procurement Markets Continue to be Geographically Fragmented
-Agricultural Policy Generates High Costs for the Economy
Chapter 5. The Contribution of Immigration to Prosperity can be Raised Further
-Main Characteristics of the Trend in Migration Stocks and Flows
-Migration Policy : In Search of Balance
-Economic Aspects of Migration
-Conclusions
-Annex 5.A1. The Various Types of Migration Permits in Switzerland