Switzerland Economy

Working abroad sounds like an adventure to many people. However, job search in Switzerland requires more than just the obvious Switzerland CV writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you made a decision to find jobs in Switzerland.

Do not take too lightly the influence a work in Switzerland can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning Switzerland EconomyMost visits to Switzerland are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

Switzerland economy - overview: Switzerland is a peaceful, prosperous, and stable modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector led by financial services and a manufacturing industry that specializes in high-technology, knowledge-based production.

Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. Switzerland remains a safe haven for investors, because it has maintained a degree of bank secrecy and has kept up the franc's long-term external value.

The global financial crisis of 2008 and resulting economic downturn in 2009 stalled export demand and put Switzerland in a recession particularly as global export demand stalls. Switzerland's largest banks suffered significant losses in 2008 and the Switzerland's largest bank accepted a government rescue deal in late 2008.

Switzerland has come under pressure from neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and in 2011 it reached deals with Germany and the UK to resolve outstanding issues, particularly the possibility of imposing taxes on bank deposits held by foreigners. These steps will have a lasting impact on Switzerland's long history of bank secrecy.

Labor force - by occupation: agriculture: 3.9%, industry: 22.8%, services: 73.2% (2005)

Unemployment rate: 3.1% (2011 est.), 3% (2008), 1.9% (2002 est.)

Natural resources: hydro-power potential, timber, salt

Industries: machinery, chemicals, watches, textiles, precision instruments

SwitzerlandCurrency Switzerland EconomyCurrency: Swiss Franc (CHF; symbol SFr) = 100 cents (called centimes in French, rappen in German and centesimi in Italian). Notes are in denominations of SFr 1,000, 200, 100, 50, 20 and 10. Coins are in denominations of SFr5, 2 and 1, and 50, 20, 10 and 5 centimes.

Credit/Debit Cards and ATMs: All major credit and debit cards are widely accepted. ATMs are widely available.

Traveler’s Cheques: Pound Sterling, US Dollar or Euro cheques are accepted at airports, railway stations and banks. To avoid additional exchange rate charges, visitors are advised to take traveler’s cheques in Pounds Sterling, Euros or US Dollars

Exchange rates: Swiss francs (CHF) per US dollar - 0.8723 (2011 est.), 1.0429 (2010 est.), 1.0881 (2009), 1.0774 (2008), 1.1973 (2007), 1.2539 (2006), 1.2452 (2005), 1.2435 (2004), 1.56 (2002), 1.69 (2001), 1.69 (2000), 1.5 (1999), 1.45 (1998)

Inflation rate (consumer prices): 0.4% (2011 est.), 2.4% (2008 est.)

Other Switzerland Economy Info

We hope that your Switzerland job search has been successful and you will get Switzerland visa too. So, if your Switzerland cover letter and Swiss CV are ready, you may distribute them to your prospective employers and start preparing for a Switzerland interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Switzerland economy info!

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