International Monetary Fund praises the resilience of the Swiss economy
Berna, 25.06.2026 — At the conclusions of its annual consultations with Switzerland, the International Monetary Fund (IMF) emphasizes the importance of Switzerland’s strong institutions and appropriate economic policy frameworks. In a challenging external economic environment, these underpin stability and growth.
The IMF projects that economic growth will reach 0.8% (real, sport-event-adjusted) in 2026 and that a modest recovery of 1.5% is expected in 2027. Inflation remains low throughout the forecast horizon and within the price stability range of the Swiss National Bank (SNB). The SNB’s current monetary policy stance, and more generally its monetary policy framework, are considered appropriate. The IMF assesses Switzerland’s 2025 external position as broadly in line with medium-term fundamentals and desirable policies.
The IMF affirms that Switzerland’s debt brake remains appropriate and a reliable anchor for transparent and disciplined fiscal policy. It also provides sufficient leeway and is flexible enough to accommodate extraordinary expenditures. In the short term, financing the 13th AHV pension payment and rising defense spending will be essential. Over the medium to long term, fiscal pressure is expected to increase, as demographic changes affecting pensions and health care, and the transition to a low‑carbon economy, raise public spending needs. The Relief Package 2027 represents a positive step. The IMF notes, however, that higher tax revenues will likely be needed to fund the AHV and additional defense expenditures.
The IMF welcomes the authorities’ ongoing efforts to implement the Too‑Big‑To‑Fail (TBTF) framework and to introduce the public liquidity backstop (PLB). Once fully adopted and implemented, these steps will strengthen financial stability. The IMF supports the proposal that Swiss global systemically important banks (G-SIBs) fully back their foreign subsidiaries with CET1 capital. It is a targeted measure in alignment with the recommendations of the 2025 Financial Sector Assessment Program (FSAP). Furthermore, the IMF sees room for improvement in risk management and the regulatory framework in response to growing cyber‑risk challenges.
Regular evaluations of the economic and financial situation of its member states, so-called Article IV Consultations, are a key element of the IMF's surveillance activities. The IMF's full report will be available in the fall.