Switzerland has made a balanced recovery from the financial crisis, but external factors are threatening the recovery for the near term, according to the OECD’s latest Economic Survey of Switzerland.

The report highlighted substantial uncertainty going forward, especially in light of the eurozone crisis. While strong exports and investment-driven domestic demand boosted growth in 2010 and 2011, economic indicators now point to a period of slow growth linked to the crisis in Europe, the OECD said.

“Switzerland is likely to suffer from decelerating activity in its trading partners, notably across Europe, as well as from the pressures for appreciation of the Swiss franc,” OECD Secretary-General Angel Gurría said. “Declining exports may weaken GDP growth in 2012, so vigilance will be necessary to see the economy through these difficult times.”

The OECD warned against the buildup of a domestic housing bubble and recommended the Swiss National Bank to enlarge data collection for effective oversight of the mortgage market.

It outlined how Switzerland can use tax reforms to increase potential growth, reduce incentives for households to borrow and limit unwanted tax competition within the country.

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