The Swiss federal government expects annual financial deficits of CHF2 billion-CHF3 billion ($2.3 billion - $3.4 billion) for 2025-2027, it said on Wednesday. Higher spending on migration, state pensions, defence and support towards health insurance premiums are to blame.
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From 2025, Switzerland must expect persistent deficits of several billions, which will increase further in the coming years, the Federal Council said in a press release on Wednesday. The financial plan adopted this summer was already in deficit.
“This is mainly due to the persistently high level of spending on migration (extension of the special S protection status given to Ukrainian refugees) and on support for health insurance premiums,” it said.
In the medium term, budgetary pressure is expected to increase further, especially because of the rapid growth in defence spending – which will reach 1% of gross domestic product (GDP) – and spending on the state pension system.
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