Switzerland world's most competitive country
Switzerland truly is an impressive country, landlocked and small with no natural resources; it has developed into one of the richest countries in the world and was recently named the most competitive economy in the world. This is due in large part to its banking sector, which is one of the most advanced and its government structure, which is efficient in comparison to many other developed countries.
Much of this progress has come on the back of a delicate balancing game that the country has played since it was founded as a Swiss Confederation in the 12th century. Switzerland has not been at war with any country since 1815, because the country has always balanced its national goals and objectives against a foreign policy of neutrality. It is therefore, not a member of the European Union or the Euro Zone, though it plays a significant role in world affairs because the head quarters of many major organisations are located here.
The World Economic Forum, the International Olympic Committee, the World Trade Organization, the Red Cross, the second largest offices of the UN after New York and the head quarters of FIFA are all located in Switzerland, more specifically Geneva, which incidentally was ranked by Mercer in 2009 as the city with the world’s third highest quality of life.
It was therefore without any sense of surprise or indeed smugness that Switzerland was named by the Global Competitiveness Report 2010 as the world’s most advanced and competitive economy, singled out by the report as a country with “an excellent capacity for innovation” and a “very sophisticated business culture”.
Rather, the prestigious vote of confidence from the World Economic Forum, which compiled the report, is part of business as usual in the country, although there are many Swiss nationals who strive for even more and think the country is not yet as competitive as it could be.
Of the 8% of business leaders, CEOs, company presidents and high-level managers across the nation in various sectors of the economy who agreed to fill out the 20 page survey, the most common gripe found among all of them was a high level of government regulation, high taxes and overly-stringent labor laws.
Executive School’s Beat Bechtold, who was the project leader in gathering data in Switzerland for the WEF report, told Switzerland news media that he was surprised by their complaints, as Switzerland is also one of the most efficient countries in the world.
A typical work permit takes just a few days to organize in Switzerland, compared to up to a week or more in many other developed countries.
Switzerland’s tax regime has also been kept comparatively low compared to other European nations. A report in 2009 found that the country’s average tax rate was 33.7%, which placed the country 13th in the world for favorable tax regulation out of a survey of 86 countries. The survey was conducted by KPMG, one of the world’s ‘Big Four’ auditing houses.
Furthermore, the national average tax rate is trailed by 6 of the country’s 26 cantons, with Zug, Schwyz, Obwalden, Nidwalden, Appenzell Inner Rhodes and Uri maintaining tax rates below 30% while another ten cantons have reportedly taken steps to cut taxes during 2010, according to Switzerland news reports.
The report on the highest and lowest taxed locations in the world, found that, of the top 20 locations in Europe for favorable taxes, 9 of them were located within Switzerland, giving the country a considerable competitive edge.
The World Economic Forum’s report on competitiveness was conducted using data collected from individual interviews, as well as a comprehensive analysis of publicly available data and the results of study by the WEF, which looked at 12 pillars of the economy in every country, such as the quality of railroad infrastructure, the country’s credit rating, access to financial services and several others.
In one of these areas, that of tertiary education, Switzerland was ranked less competitive than other countries. The country’s university enrollment rate of 49.4% does not bode well for future rankings and in terms of this pillar, the country ranked 48th out of 139 countries surveyed.
Comments
More Switzerland News
RSS-
FTA negotiations inject vigor into Sino-Swiss co-op
/enpproperty--> ZURICH, Switzerland - The successful negotiations over a free trade agreement (FTA) between China and Switzerland will inject new and strong vigor into the two countries' further cooperation, visiting Chinese Premier Li Keqiang saidon Friday. Addressing business and financial leaders at a luncheon, Li said the FTA deal would have wider implications, as Switzerland will ...
-
Former Nba Player Visits Swiss Guard Basketball Team
VATICAN CITY, April 19 (CNA/EWTN News) .- The former Los Angeles Lakers player Vlade Divac was thrilled to meet with the Swiss Guard to discuss sports and learn about their work at the Vatican."I was very excited to be here, and they have a basketball team here with very tall people," the 7-foot, 1-inch Divac joked in the Swiss Guard's barracks."I also told them that if they ...
-
Chinese leader holds out promise of more deals
Chinese Prime Minister Li Keqiang says a free trade accord with Switzerland should serve as an example for closer relations with other European countries. He believes a deal with the Swiss finance industry will also boost the economy in ...
-
China Swiss sign MOU on concluding FTA talks
/enpproperty--> BERNE - China and Switzerlandon Friday signed a memorandum of understanding (MOU) on concluding negotiations on a bilateral free trade agreement (FTA). The MOU was signed during a meeting between visiting Chinese Premier Li Keqiang and Swiss President Ueli Maurer. The two sides also announced the establishment of a financial dialogue ...
-
Swiss free trade deal underscores Chinas globalisation Li
BERNE, Switzerland (AFP) - Chinese Premier Li Keqiang on Friday hailed a free trade deal with Switzerland as a landmark achievement, saying it had "huge meaning" for global trade and underscored Beijing's growing openness to the world."This free trade deal is the first between China and a continental European economy, and the first with one of the 20 leading economies of the ...
-
Key step cleared to Swiss-China free trade deal
BERNE, Switzerland (AFP) - Switzerland and China cleared the final hurdle Friday towards a landmark free-trade agreement, as Beijing seeks to underscore its growing global ties via deals with European partners.As China's Premier Li Keqiang and Swiss President Ueli Maurer looked on, the two nations' economy ministers inked a memorandum of understanding which paves the way for the formal ...
-
Organizations Demand in Geneva End to Blockade Against Cuba
Geneva, May 24 (Prensa Latina) Non-governmental organizations are calling in this capital for the U.S. blockade against Cuba to be eliminated, and for the Human Rights Council to create a special procedure to investigate the impact of this unilateral policy. That U.S. aggression, in existence for more than 50 years, is inhumane and intolerable, and violates the content and spirit of the United ...
-
Premier enjoys his day on Swiss farm
With the sound of a traditional alphorn as background music, a Swiss family farm, Guldenberg, welcomed Premier Li Keqiang and the Chinese delegation on Friday morning. Situated in Embrach, half an hour's drive from Zurich, Guldenberg was founded in 1966 and has adopted the most modern agricultural systems to produce and market many kinds of products including milk, cheese and fruit ...
-
Swiss enquire into Czech Skoda Holding deal besides MUS - server
Prague/Bellinzona - The Swiss detectives dealing with the suspicious privatisation of MUS coal mining company also investigate the privatisation of another Czech firm, the Plzen-seated Skoda Holding, Internet daily Insider writes today, adding that this ensues from a Swiss partial verdict on the MUS ...
-
China and Switzerland to seal free-trade deal
Swiss President and Defence Minister Ueli Maurer shakes hands with Chinese Premier Li Keqiang during the second day of an official visit to Switzerland at the government's guesthouse Lohn in the village of Kehrsatz, near the Swiss capital of Bern, May 24, 2013. (RUBEN ...
-
Syrian Opposition Meets In Istanbul To Elect Leader Ahead Of Geneva Peace Talks Likely To Be Held In June
The Syrian opposition met in Istanbul on Thursday to elect a new leader and decide on a strategy ahead of an expected international peace conference in Geneva next ...
-
Landmark Sino-Swiss pact signed
China and Switzerland signed a Memorandum of Understanding at the conclusion of free trade talks on Friday during Premier Li Keqiang's visit to Bern, the Swiss capital, in what business leaders called a landmark ...
-
China to sign free trade deal with Switzerland
Chinese Premier Li Keqiang, left, and Swiss Economy Minister Johann Schneider-Ammann smile during their visit to Guldenberg farm in the village of Embrach north of Zurich on May 24, 2013. Their two nations are poised to sign a comprehensive free trade pact. (Arnd Wiegmann ...
-
Switzerland sees free-trade pact with China in July
Swiss President and Defence Minister Ueli Maurer (R) and Chinese Premier Li Keqiang listen to national anthems during the second day of an official visit to Switzerland at the government's guesthouse Lohn in the village of Kehrsatz, near the Swiss capital of Bern, May 24, ...
-
Landmark Swiss-China trade deal on horizon in July
BERNE, Switzerland (AFP) - Switzerland and China could sign a landmark free-trade agreement as early as July, the Alpine country said Friday, as Beijing seeks to underscore its growing global ties via deals with European partners.With China's Premier Li Keqiang in Switzerland for high-level talks, the Swiss news agency ATS quoted Economy Minister Johann Schneider-Ammann as saying he aimed ...
-
Li visit raises landmark Swiss-China trade deal
BERNE, Switzerland (AFP) - China's Premier Li Keqiang was poised on Friday to sign a key accord with Switzerland bringing closer a free-trade deal seen as a touchstone for Beijing's growing global ties.After high-level talks, Li and the Swiss government were scheduled to ink a memorandum of understanding on the free-trade accord, paving the way for the expected official signature in ...
-
Chinese prime minister praises deal with Swiss
On his first visit to Europe, Chinese Prime Minister Li Keqiang has praised a free trade deal with Switzerland, saying it would help Beijing open up its ...
-
Top Swiss negotiator resigns
Michael Ambhl, Switzerland's top diplomat in ongoing tax and banking negotiations with both the United States and countries in Europe, will step down at the end of August, it has been ...
-
Swiss lawyer Denis Oswald to run for IOC president
FILE - Denis Oswald, chairman of the International Olympic Committee Coordination Committee for London 2012 Games, speaking during a press conference in London, in this Friday, March, 30, 2012 file photo. Oswald declared his candidacy for IOC president Friday May 24 2013 , becoming the fifth member and second European to enter the race to succeed Jacques Rogge. (AP Photo/Alastair Grant, File ...
-
Swiss tax diplomat to quit as U.S. Europe talks heat up
By Oliver Hirt and Caroline Copley ZURICH (Reuters) - Switzerland's top tax diplomat will step down at the end of August, the finance ministry said on Friday, as talks with foreign governments eager to crack down on funds hidden in Swiss bank accounts enter a critical phase. Michael Ambuehl, state secretary for international financial matters since 2010, will take up a job in September ...
-
Switzerlands top tax negotiator steps down as showdown with US looms
GENEVA - Switzerland's top negotiator in talks to resolve disputes over tax evasion with Europe and the U.S. is stepping down. The Finance Ministry said Friday that Michael Ambuehl will leave his post at the end of August and go into academia. The move comes at a crucial time for Switzerland, which is trying to reach a deal with the U.S. to save Swiss banks and their employees from ...
-
Russia says Syrian government agreed to Geneva peace conference
MOSCOW – The Syrian government has agreed "in principle" to attend a conference proposed by Russia and the United States on ending the country's civil war, Russia's Foreign Ministry said Friday, the first confirmation that President Bashar Assad's regime would be willing to take part in the talks with the opposition. Despite the announcement from Moscow, one of ...
Switzerland Featured
-
Switzerland world's most competitive country
Switzerland is frequently pointed to as a model of good governance, prosperity, innovation and stability and is one of the happiest countries in the world. The recent competitive survey by the WEF underscored this, but came with a warning.
Switzerland truly is an impressive country, landlocked and small with no natural resources; it has developed into one of the richest countries in the world and was recently named the most competitive economy in the world. This is due in large part to its banking sector, which is one of the most advanced and its government structure, which is efficient in comparison to many other developed countries. Read more
News from around our Network
