Growth in Switzerland: Can Better Performance be Sustained?, Issues 2002-2153
Swiss growth performance in the past quarter century has been mediocre. The paper finds that conditional income convergence contributes significantly to slow growth and the poor performance of the domestically oriented sectors has been a drag on growth. However, slow growth is not inescapable. Faster growth would require raising total factor productivity growth, which remains low by international standards, and the investment rate. Further progress in structural reform could sustain the underlying growth rate at about 2 percent in the next few years.
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business location capacity utilization capita constant 1995 capita GDP growth capita growth capital accumulation capture competition conditional convergence constant prices Consumer price inflation consumption in percent contribution of capital convergence effect decline determinants of growth Economic freedom index employment to growth euro area Federal Statistical Office Figure fixed effects formation in percent full-time equivalents GDP per capita Government consumption Gross capital formation growth accounting Growth in main growth in percent growth in Switzerland growth is expected I I I I IMF staff estimates inflation in percent intermediation services international standards investment rate labor productivity labor shedding machinery and equipment main trading partners Manufacturing OECD partners in percent percent of GDP percentage points policies Population growth Product market reform productivity gains productivity increased Rate In percent Real GDP reallocation recession regression relative growth performance school enrollment ratio Secondary school enrollment sheltered sectors Sources Table telecommunications TFP growth Total factor productivity World Bank