Confidence in the Swiss economy increased in the fourth quarter
Published: Thursday, Jan 18th 2024, 11:20
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Confidence in Switzerland as a business location increased in the final quarter of 2023. However, the loss of confidence as a result of the emergency takeover of Credit Suisse by UBS is far from over.
The slump in the reputation of the Swiss economy caused by the demise of Credit Suisse continued to recede in the fourth quarter, according to the "Swiss Economy Reputation Index" (SERX) report for the fourth quarter of 2023 and the full year 2023 published on Thursday by consulting firm Commslab.
Specifically, the index rose by 0.9 index points to 92.5 points in the final quarter of 2023. For 2023 as a whole, however, there was still a drop of 7.6 index points. "The sharpest drop in reputation since 2018," says Commslab Head Daniel Künstle. "The CS downfall shaped the perception of the Swiss economy at practically all levels last year."
However, the collapse of CS was also at the origin of a new dynamic in the Swiss financial center. For example, the nationally active banks not only benefited from the outflow of CS client money, but were also able to sharpen their profile against the only remaining major bank, UBS.
The national banks continue to lead the sector ranking and are able to defend their lead over other sectors such as the mechanical engineering industry. However, UBS itself also had a positive impact on the overall reputation of the Swiss economy again thanks to the integration of CS, which was well received by the majority.
Commslab analyzes reporting on Swiss companies on a quarterly basis. SERX, which is made up of 212 companies from the private sector and state-affiliated companies, is said to show how the public perception of the Swiss economy is developing.
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