The guest: In 2025, cultivate our virtues

At the end of a year marked by convulsions all around the globe and the persistent disorganization of world trade, we can wonder about the capacity of a small country like ours, devoid of natural resources and far from the big blocks, to face future challenges. What wishes should we formulate for our economy?

In many ways, our situation makes people envious. We are experiencing near full employment. Growth is a little sluggish but some of our neighbors are in recession. We have a strong currency (too strong in some respects, a sort of price for success) and public finances that are more or less in place. A good number of our companies have equity capital which allows them both to cushion hard blows and to finance investments.

These advantages do not result from any particular grace but from the persistence of certain very Swiss qualities, which we must do everything to preserve.

“Work more to earn more” is, for example, a principle anchored in mentalities. Even though it is trending downward, effective working hours remain high, at least compared to other European countries. Despite the rise of part-time work which is gradually changing the situation, we continue to work properly at home.

The Swiss remain the champions of savings. Thanks also to that established within pension funds, it exceeds that which is necessary to finance investments in the country. The surplus is invested abroad, notably in the branches of large Swiss companies which employ hundreds of thousands of people outside our borders. This significant share of foreign employment is unique among industrialized countries.

This is one of the characteristics of our economy’s openness to the world, an asset since exports of goods and services generate half of our wealth. They are increasingly diversified geographically, with Asia and America gaining strength compared to Europe. The country will therefore benefit from promoting free trade and not creating obstacles to the exchange of capital.

Strive for excellence

Finally, let us continue to strive for excellence. Research and development of technological niches are the basis of the strategies adopted by Swiss companies on global markets. The general level of training, academic and professional, is high. Our economic governance is adapted to a changing world because it is based on subsidiarity. It is up to the private sector to make strategic options, not for the administration to dictate them.

None of this is new. And our future prosperity will depend on our ability to do even better than what we have done so far.

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