Being the 20th largest economy in the world in terms of nominal Gross Domestic Product (GDP) and the 38th largest in terms of Purchasing Power Parity (PPP), Switzerland is considered one of the least corrupt countries globally. With such a robust economy, it is also the 17th largest exporter globally. Switzerland has been an immense fascination for the expatriates from around the world. It is not the Swiss economy alone that serves as a magnet to pull expatriates from outside. Instead, it is the impact of such a strong, prosperous and high-tech economy on different sectors like the job market, Swiss tourism industry, and top-notch education that tourists travel to Switzerland for. The expatriates hailing mainly from the Low- and Middle-Income Countries (LMICs) travel to Switzerland to find jobs. Since the Swiss economy is welcoming to the job-seeking expatriates from developing countries, they get work and then find credible companies for an international money transfer back home.
Of course, the main aim of job-seeking expatriates is to earn money to support their families financially. This is done relatively better in Switzerland due to its broad job market and a robust and fast-growing economy.
A look at the economy of Switzerland is imperative here.
The economy of Switzerland – an outlook
- Switzerland has a small population of about 8.6 million
- It is the 20th largest economy in the world, with $824 billion worth of nominal Gross Domestic Product (GDP)
- It is the 38th largest economy in terms of Purchasing Power Parity (PPP), with $660 billion
- Its GDP growth rate is expected to be around 4% in 2022
- GDP Per Capita Income in Switzerland is one of the highest in the world at $94,696
- In terms of Purchasing Power Parity (PPP), the Per Capita Income in Switzerland is also one of the highest at $75,880
- The inflation rate in Switzerland is estimated to be -0.4%
- The unemployment rate is 4.8% in Switzerland
- The average gross salary in Switzerland is among the highest in the world at $62,283
- It holds 7th rank in terms of nominal GDP Per Capita and 11th in terms of PPP.
These figures are sufficient to create attraction and appeal for the people outside Switzerland to visit this country to seek better employment opportunities.
Few Swiss Attractions apart from its Economy
A few attractions of Switzerland other than its economy are discussed briefly below.
A Neutral State
Switzerland has earned the reputation of a neutral state. It never sides with either of the conflicting countries should such occasions arise. Despite having one of the most advanced armies globally, Switzerland has never been to wars since 1505.
Tourism in Switzerland
Switzerland has become synonymous with tourist heaven! Every inch of this country is filled with unique natural beauty. Its mountains, lakes, waterfalls, plains, forests, and every place of the country have a breath-taking beauty. This is one of the reasons most people who visit Switzerland come here to enjoy the immensely beauteous landscapes. Besides, visiting these picturesque areas of Switzerland relieves the visitors psychologically and adds to their creativity.
The living standards of Switzerland are high, pointing to the healthy financial outlook of the country, deeply rooted in the norms and values of the Swiss people. They are hardworking, honest, tolerant and dedicated. And not only do they exhibit these traits, but they also value them extraordinarily in the visitors and expatriates. And as an expatriate, these traits add to your viability and strength, especially if practised in countries like Switzerland.
Education in Switzerland
Switzerland is home to some of the best universities in the world. The environment in all the 12 Swiss universities is suitable and supportive of education. It helps the students exhibit their creativity and excellence in studies. Only two of the 12 Swiss universities are regulated by the central government. The Swiss universities are divided into the following three categories:
- Fundamental research universities
- Applied sciences and arts universities
- Teacher education universities
The highest-ranking Swiss university is the ETH Zurich University. Almost all the Swiss universities teach a range of diversified courses in English. They welcome the international students to offer the best quality education with fairly reasonable concessions in tuition fees.
Accommodation in Switzerland
Most of the housing areas and colonies have easy access to Swiss transportation. The construction is modern, but finding accommodation in Switzerland can be daunting. It depends on various factors such as place, area, and space, while it can be a time-consuming process.
Schooling in Switzerland
Expatriates have the advantage of having access to many public, private and international schools for their children. But, children may find it a little challenging to adjust to the new educational environment.
Employment opportunities in Switzerland
Expatriates can find plenty of work opportunities in different sectors in Switzerland, provided the job-seekers have the necessary education, required experience and the requisite skill set to find work. Although the unemployment rate is low in the country, the expatriates who cannot speak French or German may struggle a little in finding a job to earn here and send money online back home to support their families financially.
International money transfers from Switzerland
As mentioned earlier, Switzerland is one of the least corrupt countries globally. The government and financial regulatory bodies ensure that the expatriates do not face any difficulty in online money transfers to their native countries. The Swiss government ensures that only those online money transfer companies can operate in the country to serve the expatriates who provide the best international money transfer services through their global money transfer app.
There are, of course, many ways that are considered best to transfer money across borders provided by the remittance transfer companies, with the cheapest way to transfer money internationally being through the apps that allow you to initiate, track and complete a transaction from the middle of your comfort zone or even on the go.
Visiting Switzerland is no less than a feast considering that you can satiate your instinct to see nature from close. Furthermore, the contentment you feel while setting foot on Swiss soil that your chances of finding a job are optimal is invaluable. You have the confidence to get a quality education that promises a bright and thriving economic future as soon as you graduate and embark on your job-hunting journey.