Though the Swiss financial industry appeared to come out of the economic crisis relatively unscathed, it’s not all plain sailing, says Baer & Karrer’s Eric Stupp
Viewed from the outside, Switzerland looks like a rocky island in a stormy sea of financial distress. The unemployment rate is only 4.4% compared with 9.1% in the US and the national budget closed in 2010 with a surplus, a sharp contrast to the situation in all major neighbouring countries like France or Italy. The Swiss financial sector continues to play an important role in the country’s economy. It contributes approximately 10% of the country’s gross domestic product.
