Swiss President expects a deficit of 3 billion francs in the coming years by Reuters

Geneva – The President, Switzerland and Finance Minister Karen Keeler expected a horse of the highest annual deficit in the budget of about 3 billion Swiss francs ($ 3.31 billion) in the next few years due to the high costs of military spending and pensions.

Switzerland historically had balanced budgets, although it started reporting a larger deficit than 2020 due to additional costs linked to Covid-19 epidemic. In 2024, the expected deficit was 2.6 billion Swiss francs, a government site showed.

Swiss voters in the referendum last year decided to increase pension payments for the elderly despite government warnings that they are financially improper.

The neutral state is also upgrading its defenses after the Ukraine war, as it buys new aircraft and missile systems in addition to building new data centers to make them less vulnerable to electronic attacks.

($ 1 = 0.9057 Swiss francs)