Thurgau recipes against crises
The Thurgau Economic Forum held on November 3 in Weinfelden dealt with the financial world and the economy in the context of the current crises. It was characterized by a worried look into the future - but also by recipes for the way out of crises and for further innovations.
From the region to the global economy, from SMEs to major international banks: The speakers at the 26th Thurgau Economic Forum (WFT) covered the entire spectrum of economic activity in today's world. According to the German economist and former director of the Munich-based ifo Institute, Hans-Werner Sinn, the situation with varying degrees of inflation in Switzerland and other countries coupled with stagnation has one cause: "black swans". This is what he calls extreme events that no one expects.
Switzerland "comparatively splendid
Sinn spoke of a "completely extraordinary situation" in which the national economies find themselves today. It was caused by persistent supply bottlenecks caused by the Corona crisis, energy shortages and "government debt orgies. The Swiss economy is holding up "comparatively well," for example in comparison with Germany. In conversation with moderator Mona Vetsch, Hans-Werner Sinn showed quiet optimism: "You need a crisis to act."
Former banker Oswald Grübel, who headed both Credit Suisse and UBS, came to speak in particular about Credit Suisse, which has been rocked by crises. Switzerland needs two big banks to provide sufficient liquidity to the Swiss economy, he said. Grübel is cautiously positive about the future of Credit Suisse and advised, for once, to buy a CS share (which is cheaper at today's prices) instead of a bratwurst.
Remedy for the hair crisis
As a representative of a Thurgau SME, Sandra Banholzer, CEO of Kreuzlinger Rausch AG, explained how her company remains innovative even in times of crisis: with a lively corporate culture, agility, good communication and cheeky marketing. As an example of an upcoming innovation, she announced a new formula against hair crises, soaked in sparkling Thurgau apple extract.
HSG Honorary Professor Monika Bütler focused on the framework conditions that enable an SME to remain resilient and operate successfully even in times of crisis. Thanks to relatively good cooperation and division of tasks between the state and the private sector, she said, Switzerland managed to come through the crisis comparatively well in Corona times. "If Switzerland continues to manage," Bütler said, "to shape institutions in such a way that everyone retains their resilience and access to resources, we will make the transition to the new world."
Thurgauer of the year
For the first time, the Economic Forum included a discussion with the newly crowned Thurgauer of the Year - in cooperation with the Thurgauer Zeitung. This time, the satirist Thomas Götz, who holds up a mirror to the people of Thurgau year after year under the title "Ergötzliches", was awarded. Thomas Götz taught the WFT participants: "Thurgau is the canton of short distances - but sometimes also of long lines."
Also for the first time, the Thurgauer Kantonalbank was the main sponsor of the WFT. In his welcoming address, its CEO Thomas Koller, referring to Winston Churchill, named four elements for finding one's way out of crises: Knowledge, confidence, action and - enjoyment. With 330 participants, the Thurgau Economic Forum was sold out. The 27th Thurgau Economic Forum will take place on November 16, 2023.
More information: Economic Forum Thurgau
