- The following countries still preserve the four best performing economies in the world: United States, China, Japan and Germany.
- Some rankings have changed because of the COVID-19 threat while Brazil fell off the top 10 list, according to some reports.
The COVID-19 pandemic has shifted the ranking of the world’s top performing economies after making a wide range of countries to experience their worst economic slowdowns in recent years.
The following countries still preserve the four best performing economies in the world: United States, China, Japan and Germany. We investigated nominal gross domestic product in USD for the countries listed in the IMF’s World Economic database.
Nominal GDP measures the market value of all finished goods and services done by an economy but doesn’t reveal shifts in price levels, or inflation and therefore, can exaggerate or underrate the actual economic picture.
Nevertheless, nominal GDP denominated in a certain currency is a way of calculating and contrasting economic pictures of different countries. It also provides a gesture of how different factors, e.g the pandemic affect economies.
Here are the most significant changes in the ranking of one of the world’s top performing economies before and after the COVID burst.
Brazil has been excluded from the top 10
Brazil slipped from the ninth largest economy to the 12th largest last year. More so, Brazil has become the only country that dropped out of the list of the top 10 best performing countries.
Brazil would stay out of the world’s 10 strongest economies until at least 2026.
Brazil has recently shared the third highest COVID-19 cases growth and second biggest death toll in the world. During that period, President Jair Bolsonaro underestimated the virus threat and persistently refused to enter a national lockdown to combat the COVID-19 pandemic.
Sao Paulo’s health secretary repeatedly shared with the federal government warning of an approaching fiasco in the state’s health-care system; however, the economists said the Brazilian economy would fight and recover.
The economy shrinked 4.1% last year and is expected to grow 3.7% in 2021, based on the IMF research.