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Growth is projected to become more broad-based during the projection period as the weak domestic economy gradually accelerates. The worldwide recovery will continue to support exports. Inflation will remain subdued and is projected to exceed 1% only at the end of 2019. The large current account surplus will persist.
Monetary policy remains accommodative. With rising consumer price inflation, currently negative policy rates are projected to start to be raised in 2019. The fiscal surplus will gradually decrease as exceptional revenues unwind. Pension reform is becoming increasingly urgent to ensure the system’s financial sustainability. Increasing childcare affordability and availability would remove some constraints on women's full participation in the economy.
Economic Survey of Switzerland (survey page)