Switzerlands Financial Outlook :: essays research papers

Switzerland’s Financial Outlook   Ã‚  Ã‚  Ã‚  Ã‚   Located in between Italy, France, and Austria, Switzerland is home to a population of 7,450,867 (World Factbook, 2004). In 1848 Switzerland became a federal state that now has 26 cantons and half cantons. Switzerland is a melting pot, consisting of various cultures imported from the several surrounding countries. Languages spoken include French, German, Italian, and Romansch (World Factbook, 2004). For the amount of diversity among its people, it is quite impressive that Switzerland has been the leading European country with the lowest unemployment rate for years (World Factbook, 2004). The Roman Catholic and Protestant faiths are the two prominent religions among the Swiss. Switzerland is a member of several economic and finance organizations: European Free Trade Association, World Trade Organization, World Bank, International Monetary Fund Organization for Economic Co-Operation & Development, and the European Bank for Reconstruction and Development (The Columbia Electronic Encyclopedia, 2001). Despite Switzerland’s many financial alliances, it is a country that has long practiced an axiom of neutrality. Switzerland refuses to join any alliance that will obligate her to take military action in the event of war, (which rules out NATO membership) unless the country itself is being threatened. Some would argue that the policy of neutrality that has helped Switzerland to continually show signs of a ongoing prosperity. Nevertheless, Switzerland has long struggled to remain a non-participant during the wars that ravaged Europe in the twentieth century. Its citizens seem perpetually divided amongst themselves about the value of remaining a neutral count ry. Whatever the case may be, over recent years the country has demonstrated they have the potential for a strong and prosperous future. Major Industry   Ã‚  Ã‚  Ã‚  Ã‚  Switzerland’s economy is divided into three sectors: agriculture, industry and services. Fifty percent of the population is employed in services, with banking being the dominant service in the country and arguably, in all of Europe. Switzerland’s financial sector employs 220,000 people and contributed to 10.9% of gross domestic product in 2000 (Federal Department of Foreign Affairs, 2002). Forty percent of the population is employed in the machine, metal, and textile industry, which account for a large number of their exports. The other ten percent of the population works in agriculture. Due to the under whelming number of people left working in agriculture, it is strongly supported by the government. In recent years, advancements in medical technology have led to creation of many small pharmaceutical companies throughout Switzerland.