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ECONOMY

Switzerland fourth most competitive nation in the world

Switzerland has been ranked as the fourth most competitive economy in the world.

Switzerland fourth most competitive nation in the world
High-quality infrastructure is a strong point for Switzerland. Photo: Depositphoto/sezerozger

The country has climbed up a spot from fifth to fourth in new world global ranking compiled by the Lausanne-based IMD business school. 

“Switzerland’s current ranking is a result of its economic growth, the stability of the Swiss franc and high-quality infrastructure,” said a statement released by the IMD. “Switzerland was ranked top for university and management education, health services and quality of life.”  

Read also: Switzerland loses top spot as US named most competitive economy

Singapore was ranked first, as the world’s most competitive economy, for the first time since 2010, beating the United States which slipped from the top spot to the third.

Hong Kong was ranked second place, helped by its tax and business policy environment and access to business finance.

Image source: IMD Twitter page

Image Source: IMD.org

The IMD World Competitiveness Rankings was established in 1989 and incorporates 235 indicators from each of the 63 ranked economies.

The IMD ranking takes into account statistics such as unemployment, GDP and government spending on health and education, as well as an opinion survey covering topics such as social cohesion, globalization, and corruption.

In 2018, the Local reported  the United States beat Switzerland to the top spot as the world's most competitive and innovative economy, in the World Economic Forum after a methodology shift which resulted in Switzerland losing its spot after nearly a decade on top.

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ECONOMY

Swiss central bank announces big rate hike in inflation fight

The Swiss National Bank (SNB) raises the key interest rate by 0.75 percentage points, putting it back in positive territory at 0.5 percent.

Swiss central bank announces big rate hike in inflation fight

“The rate change applies from tomorrow, September 23rd 2022”, SNB said in a press release on Thursday.

It added that “inflation [in Switzerland] rose to 3.5 percent in August and is likely to remain at an elevated level for the time being”.

The latest rise in inflation is principally due to higher prices for goods, especially energy and food, according to the bank.

The SNB’s forecast for the evolution of inflation is, however, positive.

It forecasts that the rate will drop to 2.4 percent in 2023 and and 1.7 percent for 2024.

“Without today’s SNB policy rate increase, the inflation forecast would be significantly higher”, the bank said.

In mid-June, the SNB tightened interest rates by half a percentage point for the first time in 15  years. Since then, inflation in Switzerland has continued to rise. For August 2022, the statisticians reported inflation of 3.5 percent, after 3.4 percent in June and July.

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