Economy of Switzerland

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Switzerland has a highly developed free-market economy. The Swiss economy has ranked first in the world on the Global Innovation Index in 2026, holding the title consecutively since 2019 and third in the 2020 Global Competitiveness Report. According to United Nations data for 2016, it is the third richest landlocked country in the world after Liechtenstein and Luxembourg. Together with the latter and Norway, they are the only three countries in the world with a nominal GDP per capita above US$90,000 that are neither island nations nor ministates. Among OECD nations, Switzerland holds the 3rd-largest GDP per capita. Switzerland has a highly efficient and strong social security system; social expenditure stood at roughly 24.1% of GDP.

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