The Corona crisis has left its mark on economies around the world. Some countries have survived the epidemic better economically than others. It also affected the ranking of the ten largest economies around the world, according to an analysis by CNBC based on the International Monetary Fund (IMF) Economic Outlook.
To determine the extent of the coronavirus pandemic’s impact on a country’s economy, CNBC searched for its analysis of the nominal GDP of the US dollar from the International Monetary Fund’s Global Economic Outlook database.
Nominal GDP estimates the market value of all finished goods and services produced in the economy, but it does not take into account changes in price levels or inflation – and thus can overestimate or underestimate the true economic value.
Status for 2019
In 2019, Corona was still far from my bed. Then, despite the first reports of the Coronavirus emerging, there has certainly been no question of a global pandemic yet. It was not gradually clear how dangerous the situation was until the beginning of the new year. What followed was a global health crisis that forced governments to take far-reaching measures. These measures also had a major impact on the economic growth and GDP of the affected countries.
Before the start of the Corona crisis, the top ten looked as follows:
- United StateGDP: 21,433 billion dollars
- ChinaGDP: $ 14,431 billion
- JapanGDP: $ 5.149 billion
- GermanyGDP: $ 3.862 billion
- IndiaGDP: $ 2.871 billion
- United kingdom: GDP is $ 2.833 billion
- FranceGDP: 2.717 billion dollars
- ItalyGDP: $ 2,005 billion
- BrazilTotal GDP: $ 1,877 billion
- CanadaGDP: 1.742 billion dollars
The impact of the Corona crisis
If we look at the top 4 for 2020, we see that the ranking has not changed. It is noted that Chinese GDP has just increased in Corona 2020. This can be explained by the fact that the country recovered from the Corona crisis fairly quickly and thus was able to reopen the economy more quickly. China is also taking very drastic measures once the infection is detected somewhere.
The top ten, based on the figures for the year Corona 2020:
- United StateGDP: $ 20.933 billion
- ChinaGDP: 14.723 billion dollars
- Japan GDP: $ 5.049 billion
- GermanyGDP: $ 3.803 billion
- United kingdomGDP: 2.711 billion dollars
- IndiaGDP: $ 2.709 billion
- FranceGDP: 2.599 billion dollars
- ItalyGDP: $ 1,885 billion
- CanadaGDP: $ 1.643 billion
- South KoreaGDP: $ 1,631
A year after the Corona crisis, India and the United Kingdom changed their place in the top ten, according to CNBC analysis, India will not be able to regain fifth place until 2023.
India went into strict lockdown last year as the country struggled to bring the coronavirus under control. The International Monetary Fund expects the Indian economy to contract by 8 percent in the fiscal year ending in March 2021. Meanwhile, the number of infections in India is rising sharply again. According to the latest figures, the country is heading towards about 500,000 new cases of Corona every day. This threatens projected growth of 12.5 percent for the fiscal year ending in March 2022.
Brazil is outside the top ten
Brazil lost its place in the top ten. The country is burdened with Coronavirus and for a long time had the second largest number of infections worldwide. India has occupied this place now. The United States is still in the first place. Brazilian President Jair Bolsonaro has played down the spread of the Corona pandemic several times. At the beginning of this month, the scientists involved compared the situation in the South American country to “biological Fukushima”.
South Korea is a newcomer to the 10 largest economies. The country has done a good job of containing the health crisis without seriously harming the country’s economic growth. South Korea has conducted extensive testing during the health crisis and implemented lockdown measures without shutting down businesses entirely. The export of semiconductors has already given the country a boost. The South Korean economy contracted by only 1 percent in the year of Corona.