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Strategic
decisions & Working Capital (WC)
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Investment
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Modes of diversification
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Inter-Organizational relationships
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Others : |
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Long-Term
Financial decisions |
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Investment
analysis and decision |
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macroeconomic
AGGREGATES
Before taking
any strategic decision managers have to indentify
the pertinent macroeconomic aggregates, the
relations between them and their TRENDS.
Aggregates |
GDP
= C + I + G + X - M |
GDP |
total value of final goods
and services produced within a nation
during a given year |
C |
Household consumption of goods and services |
I |
physical investment (gross private capital
formation) + additions to inventory |
G |
Government expenditures |
X |
Exports |
M |
Imports |
Three
approaches to calculate GDP
Approaches |
GDP (Gross Domestic Product) |
Flow-of-product
approach |
C + I + G + (X
- M) (open
economy) (assumptions
: depreciation = 0, indirect taxes=0) |
Earnings approach |
Sum of earnings received by household
from firms (wages, rents, interests,
profits) |
Value-added approach |
GDP = total value added produced by
firms |
Relation
between International Trade & Internal
Macroeconomics
GDP =
C + I + G +( X - M)
GDP -
C - G = S = I + (X - M)
(S - I)
= (X - M)
If X is not equal to M,
that is because S (savings) is not equal
to I. If we want to restore the equilibrium
between X and M, we have to restore
the equilibrium between S and I by using
the three macroeconomic policies :
Macroeconomic
Model for Switzerland (million swiss
francs)
Years |
C |
G |
Invest |
X |
M |
GDP |
2 000 |
267 185 |
52 625 |
129 723 |
242 715 |
219 110 |
470 838 |
2 001 |
274 673 |
53 993 |
129 925 |
243 023 |
221 593 |
484 194 |
2 002 |
274 369 |
55 646 |
130 534 |
234 192 |
208 209 |
482 614 |
2 003 |
278 786 |
57 220 |
129 339 |
232 895 |
208 020 |
488 079 |
2 004 |
285 513 |
57 837 |
137 162 |
256 839 |
222 006 |
500 912 |
2 005 |
292 316 |
58 587 |
141 971 |
280 268 |
251 875 |
520 985 |
2 006 |
301 087 |
59 484 |
149 810 |
313 999 |
274 376 |
553 878 |
2 007 |
312 285 |
61 408 |
160 241 |
362 808 |
304 869 |
589 746 |
2 008 |
322 793 |
64 944 |
164 240 |
387 438 |
329 295 |
613 227 |
2 009 |
325 869 |
68 650 |
152 051 |
349 728 |
312 281 |
602 936 |
2 010 |
333 001 |
69 844 |
157 310 |
404 033 |
344 643 |
623 984 |
2 011 |
336 282 |
71 681 |
162 231 |
421 956 |
375 298 |
636 582 |
2 012 |
340 509 |
72 827 |
169 056 |
435 737 |
376 814 |
642 121 |
2 013 |
346 864 |
74 707 |
171 661 |
473 080 |
403 666 |
655 597 |
2 014 |
349 458 |
76 423 |
175 814 |
435 120 |
365 526 |
665 657 |
2 015 |
353 193 |
77 072 |
176 421 |
426 462 |
356 792 |
668 911 |
2 016 |
358 299 |
78 054 |
179 586 |
451 354 |
382 881 |
676 395 |
2 017 |
365 386 |
78 789 |
185 822 |
457 684 |
393 037 |
685 836 |
2 018 |
372 303 |
79 928 |
188 727 |
477 957 |
403 844 |
708 524 |
2 019 |
375 612 |
81 402 |
190 760 |
481 125 |
409 764 |
718 288 |
2 020 |
358 357 |
84 330 |
184 561 |
448 146 |
403 122 |
695 245 |
2 021 |
365 226 |
88 770 |
194 668 |
519 068 |
434 081 |
730 040 |
2 022 |
388 783 |
90 270 |
201 172 |
586 663 |
485 205 |
769 430 |
Years |
Unemployment rate |
Inflation rate |
2001 |
1,70% |
1,05% |
2002 |
2,50% |
0,62% |
2003 |
3,70% |
0,62% |
2004 |
3,90% |
0,82% |
2005 |
3,80% |
1,12% |
2006 |
3,30% |
1,11% |
2007 |
2,80% |
0,70% |
2008 |
2,60% |
2,47% |
2009 |
3,70% |
-0,48% |
2010 |
3,50% |
0,68% |
2011 |
2,80% |
-1,15% |
2012 |
2,90% |
-1,07% |
2013 |
3,20% |
0,10% |
2014 |
3,16% |
-0,39% |
2015 |
3,42% |
-1,28% |
2016 |
3,30% |
0% |
2017 |
3,30% |
0,80% |
2018 |
2,70% |
0,69% |
2019 |
2,50% |
0,20% |
2020 |
3,50% |
-0,80% |
2021 |
2,60% |
1,50% |
2022 |
2,10% |
2,80% |
Macroeconomic aggregates for Switzerland : annual variation rates
Years |
∆ C |
∆ G |
∆ Invest |
∆ X |
∆ M |
∆ GDP |
Unemployment rate |
Inflation rate |
2001 |
2,80% |
2,60% |
0,16% |
0,13% |
1,13% |
2,84% |
1,70% |
1,05% |
2002 |
-0,11% |
3,06% |
0,47% |
-3,63% |
-6,04% |
-0,33% |
2,50% |
0,62% |
2003 |
1,61% |
2,83% |
-0,92% |
-0,55% |
-0,09% |
1,13% |
3,70% |
0,62% |
2004 |
2,41% |
1,08% |
6,05% |
10,28% |
6,72% |
2,63% |
3,90% |
0,82% |
2005 |
2,38% |
1,30% |
3,51% |
9,12% |
13,45% |
4,01% |
3,80% |
1,12% |
2006 |
3,00% |
1,53% |
5,52% |
12,04% |
8,93% |
6,31% |
3,30% |
1,11% |
2007 |
3,72% |
3,23% |
6,96% |
15,54% |
11,11% |
6,48% |
2,80% |
0,70% |
2008 |
3,36% |
5,76% |
2,50% |
6,79% |
8,01% |
3,98% |
2,60% |
2,47% |
2009 |
0,95% |
5,71% |
-7,42% |
-9,73% |
-5,17% |
-1,68% |
3,70% |
-0,48% |
2010 |
2,19% |
1,74% |
3,46% |
15,53% |
10,36% |
3,49% |
3,50% |
0,68% |
2011 |
0,99% |
2,63% |
3,13% |
4,44% |
8,89% |
2,02% |
2,80% |
-1,15% |
2012 |
1,26% |
1,60% |
4,21% |
3,27% |
0,40% |
0,87% |
2,90% |
-1,07% |
2013 |
1,87% |
2,58% |
1,54% |
8,57% |
7,13% |
2,10% |
3,20% |
0,10% |
2014 |
0,75% |
2,30% |
2,42% |
-8,02% |
-9,45% |
1,53% |
3,16% |
-0,39% |
2015 |
1,07% |
0,85% |
0,35% |
-1,99% |
-2,39% |
0,49% |
3,42% |
-1,28% |
2016 |
1,45% |
1,27% |
1,79% |
5,84% |
7,31% |
1,12% |
3,30% |
0% |
2017 |
1,98% |
0,94% |
3,47% |
1,40% |
2,65% |
1,40% |
3,30% |
0,80% |
2018 |
1,89% |
1,45% |
1,56% |
4,43% |
2,75% |
3,31% |
2,70% |
0,69% |
2019 |
0,89% |
1,84% |
1,08% |
0,66% |
1,47% |
1,38% |
2,50% |
0,20% |
2020 |
-4,59% |
3,60% |
-3,25% |
-6,85% |
-1,62% |
-3,21% |
3,50% |
-0,80% |
2021 |
1,92% |
5,27% |
5,48% |
15,83% |
7,68% |
5,00% |
2,60% |
1,50% |
2022 |
6,45% |
1,69% |
3,34% |
13,02% |
11,78% |
5,40% |
2,10% |
2,80% |
Global competitiveness Index 2009 - 2019 Switzerland
Source
: National Bank of Switzerland
© ECOFINE.COM, Bernard
Jaquier, Professor in Economics & Finance,
2023
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