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Switzerland the most globalized country according to KOF report

Switzerland the most globalized country according to KOF report

30 December 2018

According to the newest report published by the KOF Swiss Economic Institute, Switzerland was the most globalized country in the world in 2016. Compared to previous survey, the country advanced one place up to claim the top spot.

Switzerland takes top place

The newest survey on globalization of countries refers to 2016 year. It is regularly run by the KOF Swiss Economic Institute. Data published in the last week of December showed that in 2016 it was Switzerland who came on top of the ranking. The country moved one spot to become the leader. It is followed by the Netherlands, Belgium, Sweden and the Great Britain. Whereas, the United States are classified on 23rd spot. In the bottom of the ranking on places 193-195 are the Comoros, Afghanistan and Guinea-Bissau.

Smaller countries have advantage

The ranking shows that smaller countries tend to be more globalized than large ones. The experts claim it is due to the fact that smaller countries are getting in more intense relations with neighboring countries. They have to co-operate with neighbors, also often many cross-border workers commute to work to such countries, as distances are smaller. Such is the case with Switzerland that is a very popular destination for frontaliers, as well as a place of residence for many foreigners from neighboring countries or the whole European Union.

Frontaliers are one of the most important customer groups at ExchangeMarket.ch. Many of the more than 350,000 Swiss cross-border commuters use ExchangeMarket.ch to change their salary to euro every month. A normal bank transfer from a CHF account to an EUR account is often associated with fees and large exchange rate losses. At ExchangeMarket, we completely eliminated fees and kept the euro-franc exchange rate to a minimum. Cross-border commuters who change francs at exchangemarket.ch and buy euros save up to 3 percent with our online exchange rates. Extrapolated to one year, frontaliers can save more than 1000 euro with our good EUR CHF exchange rate.

The KOF Globalization Index

The KOF Swiss Economic Institute creates the ranking based on the Globalization Index. It takes into the account political, social and economic dimensions of globalization in years between 1970 and 2016. It monitors how level of globalization has changed in a given country over the span of many decades. Generally, worldwide the level of globalization has sharply increased since 1990. The process was, however, a bit halted in 2008 due to the financial crisis. In 2016 experts observe the globalization was slightly on the rise again, however the economic dimension of globalization has remained unchanged with negative trade integrations. Financial, political, social globalization increased.

Best exchange rates for Frontaliers

To find the best euro franc exchange rate please use our online euro franc currency converter and make an exchange rate comparison at banks and at Exchangemarket.ch. Above all, you can recognize a good EUR CHF exchange rate by the difference between the values Buy euro and sell euro. The smaller this so-called spread, the better the offer for you. If you want to change money online, you only need to sign up by completing an online form and entering the activation code that will be to you by post. Try our free online currency exchange service and change euro and francs at best exchange rates.

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