Each quarter, Reto Savoia, CEO of Deloitte Switzerland, takes a look at current issues. He talks about the Swiss economy and explains what the next priority is within the company. Reto looks back on events that have impressed him, and we put him on the spot by asking him to choose between two things. Here’s what he had to say this autumn.
Opens in new window
What current challenges in the Swiss economy will be felt most over the coming three months?
As reflected in the latest economic data from the Swiss State Secretariat for Economic Affairs, the Swiss economy is expected to grow by 1.2 per cent in 2024. Like last year, the figures are low and inadequate, and do not do justice to the country’s economic potential.
So it is all the more important for us to make the overall environment more attractive for businesses. However, I see a few dark clouds here: The intense debates on fiscal policy in the past autumn session show that numerous special interests of sectors, cantons and voter groups are being fiercely contested. Overall, we are clearly living beyond our means. This is also suggested by the updated forecasts relating to old age and survivors’ insurance. Even so, a form of consensus is emerging in civil society with regard to future priorities.
It doesn’t help here that the various urgently needed reforms in fields such as retirement provision and health care are making little headway. Progress towards the goal of climate neutrality is also slow. Often, when feasible solutions to the production of more climate-friendly energy seem to have been found in theory, they are met with substantial opposition in practice due to special interests. We will have to find a national consensus on all areas of reform. This will require a greater willingness to compromise by all stakeholders, as well as a much stronger commitment to thinking across generations and cantonal boundaries.
A key concern of the Swiss economy also remains relevant: maintaining and improving relationships with our main trading partners, particularly the EU member states. The level of complexity is constantly increasing here, and defence, security and neutrality aspects that are obviously highly sensitive now feature prominently, too.
What is the main priority for Deloitte Switzerland in the coming months?
Without a doubt, the priority is to further strengthen our market position. Our latest figures show that our growth is well above that of the overall market. We cannot take this for granted, and it requires a very far-sighted approach to various corporate issues – with regard to market developments and customer requirements and, internally, the skills and needs of our employees, as well as technological developments that require substantial investment.
Our main focus here is on current developments in the technology sector – such as cyber-security, the cloud, SAP and GenAI – and in the fields of sustainability and M&A, where we support clients from A to Z, or end-to-end.
I am particularly pleased that we are continuously making valuable contributions to topical issues with our studies and our in-depth thought leadership. These issues include sustainability, digital innovations such as artificial intelligence, cloud technology and cyber-security, asset management for private customers, the development of health insurance premiums and the needs of CFOs.
Which recent development have you been most impressed or preoccupied with?
I recently had a really positive, inspiring conversation with a group of young people. It reminded me that despite all the problems, crises and wars that we have been experiencing for years and rightly take very seriously, humankind has also made huge progress over the last two generations. Overall, it is probably in a better position than ever, such as in terms of equality, human rights, diet, education, health, social security and much more besides. Nevertheless, there is still far too much suffering and injustice in the world, and we must not settle for the status quo. However, I believe it is equally important that we recognise our achievements and give them due recognition. It is important that the highly motivated next generation builds on the good foundations that are in place in many areas.
And briefly: Do you prefer a nice walk through an autumnal forest or getting together for a nice autumn dinner?
I love being out in the fresh air, but you can’t beat a lovely get-together with family and friends!