Essay on the European Country With the Biggest Potential for Development
Number of words: 659
The European nation with biggest prospects for development than any other is Switzerland according to multiple researchers (Charles, 2020). In Europe, Switzerland’s economy is the most efficient owing to political stability, investments and access to international markets given that the country maintains armed impartiality in world affairs. In Europe, among the highest living standards, industrial productivity, quality of education, and healthcare systems are found in Switzerland. In development ranking, Switzerland was crowned and conferred with the highest score despite the nation being well-developed and wealthy. This means that the nation’s economic growth will be boosted by the more likely robust development levels.
Comfort is not a term usually associated with people living and working in a foreign country. However, the term comfort is being used by an overwhelming 85% of investors and immigrants in Switzerland who posit that the country is the best when it comes to living, working and investing according Meili & Mayer (2017). Switzerland has been presented as an effective investment destination since 2018 when its economy was named the most robust in Europe by the Organization for Economic Co-operation and Development (OECD). Sound institutional quality and a favorable investment climate are offered by Switzerland despite the country having stringent investment restrictions and other existing challenges. Tax regulations in Switzerland rarely affect investment incentives and protection is highly guaranteed for the rights of investors in the country as shown by the Global Competitiveness Index.
In Europe, the most competitive economy is found in Switzerland as a result of the robust added value services. Additionally, half of its population makes up a workforce that is highly motivated to achieve the core values of a successful economy. Economic growth is translated by investors of a foreign and local nature who are attracted by a favorable climate for investment and a highly skilled manpower. A Gross Domestic Product (GDP) of 26% and 21% of the nation’s workforce employed in specialized industries are the reasons why a competitive edge is gained by Switzerland in terms of economic growth and development in the European region.
Better taxation, political stability, low inflation, highly skilled professionals, and a competitive business environment make for an ideal investment destination and the afore-mentioned qualities ably describe why Switzerland is among the best performing economies in the European continent. Foreign investors are offered a perfect framework for starting multinational corporations since an ideal business center is formed by Switzerland’s business model. Glencore International, Nestle, Novartis, Roche Group, and ABB brands have their offices situated in Switzerland and they are among 30% of global brands that have elected to do so in the country (Donzé, 2020). Yearly contributions to Switzerland’s GDP are roughly over 5000 foreign investors who are housed in the country despite the nation being small in size.
Global regulations alignment while also attracting more foreign and local investors through creation of reforms and maintenance of the tax status is the top most priority for the Swiss government. Moreover, investment projects are created tax breaks by every canton enabled by the sovereignty of cantonal tax rate law over federal laws which is allowed by the Swiss law. Owing to the central geographical locality of Switzerland in reference to other European nations, this makes it an ideal investment hub for people wanting to invest their assets in the country. From Switzerland by road, more than 25 European countries can be accessed. Economic growth and development will result for Switzerland in comparison to its European counterparts owing to all the factors alluded to above.
Charles, L. (2020). Specializations in Switzerland in the Nineteenth Century: Evolution of Trade Patterns and Growth Model. In Research in Economic History. Emerald Publishing Limited.
Donzé, P. Y. (2020). The transformation of global luxury brands: The case of the Swiss watch company Longines, 1880–2010. Business History, 62, 26-41.
Meili, R., and Mayer, H. (2017). Small and medium-sized towns in Switzerland: Economic heterogeneity, socioeconomic performance and linkages. Erdkunde, 313-332.