Despite a challenging environment, the Liechtenstein financial centre remains stable, according to the FMA’s Economic Monitor Q3/2025. As noted in the quarterly report by the Financial Market Authority Liechtenstein (FMA), the global economy remained weak in the second quarter of 2025. While the US economy recorded moderate recovery, economic activity in the euro area and Switzerland almost stagnated. Despite weak growth momentum, unemployment rates in many industrialised countries remain at low levels.
The Liechtenstein economy recovered slightly but continues to perform below average, burdened by declining exports and persistently high global uncertainty.
Inflation has risen slightly again in recent months, particularly in the United States. Despite weak employment figures, the US Federal Reserve lowered interest rates in September, while the European Central Bank and the Swiss National Bank kept their key interest rates unchanged.
Global equity markets continued to rise significantly despite persistently high valuations, supported by expectations of rate cuts and robust corporate earnings. At the same time, the US dollar continued to depreciate, and long-term government bond yields remained at elevated levels.
Although economic policy uncertainty has eased somewhat, global downside risks remain considerable. In the US, the combination of a cooling labour market and rising core inflation signals increasing stagflation risks. In addition, ongoing fiscal risks in highly indebted countries could undermine investor confidence.
The Liechtenstein financial centre remains stable despite the challenging environment, supported by robust capital and liquidity buffers, continued net new money inflows, and a resilient business model.
Source: www.finance.li
Aleksei Andrievskii is the founder of the ANDRIEVSKII SEA WEALTH family office in Cyprus, a member of the advisory board at Bendura Bank AG, Liechtenstein