Switzerland Economy

History:

* Situated in western and eastern Europe

* Has a population of 8 million people (approximately)

* Two main economic hubs in Switzerland are Geneva and Zurich

SIGNIFICANT FACTS:

* Red cross started in Switzerland (first aid service)

* European free trade association was founded in Switzerland in 1960. Members are Iceland, Liechtenstein, Norway and Switzerland. This eliminated custom duties on industrial products only not agricultural products.

Economy:

* Per capita GDP very high, has the highest wealth per adult in the world

* Low unemployment

* Highly developed service sector such as financial services and highly specialized manufacturing industry.

* Low corporate tax rates

* Was affected by the financial crisis of 2008 putting the country in a recession.

* The country recovered in 2010 due to the implementation of a zero interest rate policy by the Swiss national bank. The country witnessed a 3.0% growth rate

* Swiss francs are in high demand due to debt crisis in other European countries. It is regarded as a very strong currency.

* GDP growth fell to 1.9% in 2011 and 0.8% in 2012.

* The banking sector is one of its major strengths, however it has come under a lot of pressure due to banking secrecy laws.

* The government has agreed to conform to OECD regulations on tax matters.

COMPETITIVENESS:

* Singled out by the world economic forum as an extraordinary competitor.

* Top of the ranking for 5 years.

* The 3 main drivers of its exceptional performance are: excellent institutions, dynamism of its market and innovation.

* Effectiveness and transparency of public institutions sets it apart from other countries, another differentiating factor is also its unique government that focuses more on long term economic agendas

* Switzerland has a very sophisticated business environment that produces high quality products and services.

* Labor markets are also very...