00:00Switzerland is about to vote on something that could completely reshape its economy.
00:04On June 14th, Swiss voters will decide whether to cap the country's population at 10 million people.
00:11That might not sound dramatic until you realize Switzerland already has more than 9.1 million residents.
00:17To stay under the limit, immigration would need to fall by at least half over the next 25 years.
00:23Supporters say Switzerland is getting too crowded, housing is tighter, infrastructure is strained.
00:28And in a country that's famous for order and stability, many voters feel the population growth is happening too fast.
00:35But business leaders are alarmed because Switzerland's economy runs on international talent.
00:41In Zurich alone, Google employs more than 5,000 people from 85 different countries.
00:46Swiss pharmaceutical giants Roche and Novartis, and firms like Logitech and Nestle, all rely heavily on professional foreign workers.
00:55And the stakes go far beyond hiring.
00:58The European Union's single market is built around free movement of people.
01:02If Switzerland sharply restricts immigration, it risks damaging its relationship with the EU, its largest trading partner,
01:10and potentially limiting access to a market worth around 21 trillion dollars and 450 million consumers.
01:17Economists warn that the consequences could be severe.
01:20One estimate suggests the population cap could reduce Swiss economic output by as much as 12% by the end
01:27of the century.
01:28But politically, the proposal has momentum.
01:31Polls show voters split almost directly down the middle, giving the initiative a very real chance of passing.
01:37For Switzerland, this vote isn't just about immigration.
01:41It's about whether one of the world's richest countries can stay globally competitive while trying to slow globalization itself.
Comments