Zurich loses spot as country’s main business hub, and how Switzerland will benefit from the Democratic sweep of the U.S. Congress — these are among the stories that The Local reported this week. Catch up on everything here in this weekly roundup.
Zurich loses dominance as the country’s main business hub
Traditionally regarded as Switzerland’s economic centre, Zurich has lost its top position to three French speaking cantons – Geneva, Vaud, and Valais – collectively known as the ‘Lake Geneva region’.
According to new government figures, together, the three cantons generated a gross domestic product (GDP) of approximately 190 billion francs in 2024, dethroning Zurich, with revenues of ‘only’ 167 billion francs.
READ MORE: Zurich dealt another blow as Lake Geneva becomes Switzerland’s economic powerhouse
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Will Switzerland benefit from the Democratic sweep of US Congress?
Democrats have won the control of the US Congress – an event that is expected to have a positive impact on Switzerland’s economy.
One of the sectors that will benefit from this ‘change of regime’ is trade. That’s because President Trump will no longer have free rein in pursuing his current trade agenda – including high tariffs and threats of raising them further.
According to Migros Bank economist Santosh Brivio, which party has the legislative control “is particularly significant for Swiss sectors with substantial US business operations, such as pharmaceuticals, mechanical engineering, and watchmaking.”
READ MORE: How could the outcome of US midterm elections impact Switzerland?
High rents push more residents away from Swiss cities
Due to high rents, an increasing number of residents are moving from expensive Swiss hubs like Zurich, Geneva, and Basel, and relocating to ‘cheaper’ neighbouring cantons. Meanwhile, newly arrived foreigners fill the gap.
According to analysis by the real estate consultancy Wüest Partner, an increasing number of people living in major urban cantons like Zurich, Geneva, and Basel, where rents are among highest in Switzerland, are relocating to ‘cheaper’ neighbouring cantons,
READ MORE: More and more residents move out of big Swiss cities to neighbouring cantons
Contaminated cheeses are removed from Swiss store shelves
A number of soft ‘Brie’ cheeses have been recalled from stores by Swiss health authorities in the past weeks.
They have been removed from Migros, Coop, and Lidl because listeria bacteria, which poses a serious danger to vulnerable individuals and pregnant women, have been detected.
Since October, more than 20 cheeses manufactured by Eberle Spezialitäten AG in Gossau (St. Gallen) and Strähl Käse AG in Siegershausen (Thurgau) have been recalled due to the presence of Listeria.
READ MORE: Why have so many cheeses been recalled in Switzerland over health warnings?
Cantonal referendums to decide on matters of regional importance
On November 29th, besides the three issues to be voted on at the national level, some Swiss cantons will hold referendums of their own on issues of local importance as well.
Aargau citizens, for instance, will vote on lowering taxes; in Basel-Country, they will decide on cheaper public transport for young people.
In Lucerne, meanwhile, including ‘digitalisation’ in cantonal Constitution will be at stake, while in Valais, voters will have their say on introduction of a 22-franc minimum wage.
READ MORE: Wages and taxes – What’s on the ballot in Switzerland’s next cantonal referendums?
Switzerland to feel impact of EU’s new banking rule
The regulation, which will go into effect on January 11th 2027, is set to restrict the access of European customers to Swiss banks.
It bans banks in non-EU or EEA states – Norway, Iceland, and Liechtenstein – from providing services on a cross-border basis to clients inside the European Union/EEA without first establishing a locally authorised branch or subsidiary.
Switzerland is a member of EFTA but not EES.
