Confidence in the Swiss economy continues to grow in the first quarter
Published: Friday, Apr 26th 2024, 12:50
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Confidence in Switzerland as a business location increased again in the first quarter of 2024. The recovery effects following the reputational slump in connection with Credit Suisse even intensified at the start of the year.
The Swiss Economy Reputation Index (SERX) rose by 2.3 index points to 94.8 points in the quarter under review, as announced by the consultancy Commslab on Friday. It publishes this report on a quarterly basis.
The strong recovery in reputation was primarily due to an improved functional outlook. The main driver was the perception of the companies' 2023 figures, which was associated with predominantly positive effects, especially for financial companies such as national banks and insurers.
According to Commslab, "functional reputation" is an indicator of economic success, professional competence and plausible actions in line with the organizational purpose. On the other hand, there is "social reputation", which is subject to social evaluation standards and stands for legally and morally correct behavior.
The results in the real economy sectors were less positive. The figures were particularly positive in the construction, retail, services, luxury goods and transport sectors. In the chemicals, IT, food
and industry (Swiss Steel crisis), however, the assessments were more mixed.
Socio-moral events with a manageable influence
According to the report, the influence of socio-moral events on the reputation of the Swiss economy remains manageable overall, but individual scandals continue to attract a great deal of attention. Commslab highlights the Benko affair, for example, or the discussion about managers' salaries, which has had a negative impact on the reputation of the Swiss economy with the recent scandalization of the salaries of bank managers such as Sergio Ermotti.
In the sector ranking, the national banks were able to further expand their leading position and are well ahead of the machinery industry. In contrast, the food sector lost some of its positive influence. This sector had been exposed to major scandals due to child labor and low wages at its cocoa suppliers or banned processing methods for mineral water (Nestlé).
Commslab analyzes the reporting of Swiss companies on a quarterly basis; there are currently 220 companies from 23 sectors. The criteria for inclusion in the SERX are the size of the company, the importance of the company for the public perception of the respective industry and a public discourse of foreign companies that is influenced by the Swiss location.
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