Economy of Switzerland .December 29, 2020
The economy of Switzerland is one of the world’s most advanced free market economies. The service sector has come to play a significant economic role, particularly the Swiss banking industry and tourism. The economy of Switzerland ranks first in the world in the 2015 Global Innovation Index and third in the 2020 Global Competitiveness Report. According to United Nations data for 2016, Switzerland is the third richest landlocked country in the world after Liechtenstein and Luxembourg, and together with the latter and Norway the only three countries in the world with a GDP per capita (nominal) above US$70,000 that are neither island nations nor ministates.
Currency: Swiss francGross domestic product: 70,514.04 crores USD (2018) World BankGNI per capita: 68,820 PPP dollars (2018) World BankGDP per capita: 82,796.55 USD (2018) World BankUnemployment rate: 4.8% (Jun 2020) EurostatGDP growth rate: 2.8% annual change (2018) World BankGross national income: 58,611.07 crores PPP dollars (2018) World Bank
19th century :
Switzerland as a federal state was established in 1848. Before that time, the city-cantons of Zurich, Geneva, and Basel in particular began to develop economically based on industry and trade, while the rural regions of Switzerland remained poor and underdeveloped. While a workshop system had been in existence throughout the early modern period .
20th century :
The industrial sector began to grow in the 19th century with a laissez-faire industrial/trade policy, Switzerland’s emergence as one of the most prosperous nations in Europe, sometimes termed the “Swiss miracle”, was a development of the mid 19th to early 20th centuries, among other things tied to the role of Switzerland during the World Wars .
The Bank for International Settlements in Basel.