Gavekal Capital: A Threat to Growth in Switzerland?

Wednesday, February 19, 2014

A Threat to Growth in Switzerland?

The ZEW survey of economic expectations for Switzerland, released today, declined for the second month in a row:


Cited as the primary reason for the moderation was a little publicized referendum passed by Swiss voters last week that seeks to instate significant curbs on immigration.  In a country where it is not uncommon for at least half of a company's employees to be of a nationality other than Swiss, there is concern that the legislation could hamper overall growth.