Why Switzerland never suffers from any economic crisis

Switzerland is possibly the best run democracy in the world and possesses one of the best diversified private sectors.
Swiss cities are at top rankings in liveability and their citizens earn the highest wages.
It all started with the introduction of Banking Secrecy into law in 1713, it followed with enormous amounts of wealth pouring in the country during both World Wars and today, #CreditSuisse and #UBS help the Helvetic nation to continue its banking legacy across the world.

It is highly unlikely, the fallout of Credit Suisse will provoke meaningful turmoil in the Helvetic financial stability.

Nonetheless, Switzerland is much more than a Banking paradise, it has one cow for every five citizens.

#Switzerland #Swiss #zurich

Follow me on :

Twitter: @LearnEconomics1

[lordtraxroy]

I feel switzerland got alot of pressure from europe to force to do somethibg

[christheswiss]

The video is well done. However, there is a glaring error contained within:

You state the Swiss banking industry comprises approx. 10% of the Swiss GDP. This is incorrect. If you look at the Swiss government statistics, it clearly states the FINANCIAL SERVICES industry comprises 10%, BUT approx half of this amount is provided by the insurance business. Unbeknownst to many, Switzerland is also a global powerhouse in the insurance markets, but mainly so in the RE-insurance markets (i.e. Swiss RE).

Conclusion: the Swiss BANKING industry contributes only approx. 5 % to the nation's GDP (not the 10% you claimed). Therefore, also contrary to your statement in the video, the Swiss Banking sector is NOT one of the main pillars of the Swiss economy. It is but one of MANY similarly sized economic pillars, and not key to the Swiss economy at all.