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OECD gives mostly good marks for Swiss economy

Switzerland has suffered less from the economic crisis than the majority of industrialised countries, according to a study published by the Paris-based OECD.

But the Organisation for Economic Co-operation and Development recommends the Swiss authorities pursue reforms on surveillance of the financial markets, and on economic and monetary policy.

In its report, the OECD said the financial system had weathered the global financial crisis - despite severe losses incurred by its two largest banks and a considerable loss by one of its insurance companies - in part because the authorities moved quickly when the crisis broke out in the autumn of 2008.

The OECD welcomed moves by the Swiss to help in judicial assistance in tax matters after Switzerland was last year temporarily placed on a list of non-cooperative countries.

However, the controversy around Swiss banking secrecy as such is hardly mentioned in the report.

The report warned that the current recession was likely to lead to high unemployment, part of which risked becoming “persistent”.

The Swiss unemployment rate stood at 4.2 per cent in December, its highest rate in nearly 12 years. and agencies


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