Brazil and 9 other G20 countries recover from pre-pandemic GDP levels
RIO DE JANEIRO, BRAZIL – Brazil and nine other G20 countries did well and have recovered from pre-Covid 19 pandemic levels of economic activity. Gross domestic product (GDP) data for 19 members of the country group are now available.
Brazil’s GDP increased by 4.6% in 2021. This percentage was sufficient to reverse the negative economic impact of the health crisis. Another nine countries are in the red compared to current levels (after 2020 and 2021) with 2019 levels.
Of the G20 members, only Argentina has not yet announced the 2021 outcome. As the table shows, Brazil’s GDP is 0.6% higher than in 2019.
GLOBAL RECOVERY
Brazil is among the 27 countries that have recovered GDP (gross domestic product) levels before the Covid 19 pandemic. It ranked 26th among the best-performing countries, ahead of Canada.
Poder360 used data from Austin Rating and OCDE (Organization for Economic Cooperation and Development) to calculate which countries managed to reverse the economic impact of the pandemic. It looked at 44 countries, 17 of which have not yet recovered their 2019 economic levels.
Ireland and Turkey were the countries with the most significant increases in 2019 GDP, but the data for both suffer from biases.
In Ireland, because multinational companies are based in the country to avoid taxes. The country’s central bank released a report titled “Is Ireland Really the Wealthiest Country in Europe?” warning against using the country’s statistics.
In Turkey, the government has promoted a massive devaluation of the country’s currency against the dollar.
Of the countries that have recovered economically from the pandemic, only Canada lags behind Brazil, with a GDP growth of 0.2% in 2019.
17 COUNTRIES FAIL TO RECOVER
Of the 17 countries that have not yet recovered to 2019 GDP levels, Spain stands out as the worst performer. It is 6.8% below the threshold needed to reverse the effects of the pandemic.
Italy (3.2% below 2019 GDP), Japan (-2.9%), and the United Kingdom (-2.6%) are among the countries furthest from pre-pandemic levels. Germany is 1.6% below 2019 levels.
Countries such as Japan, Mexico, Thailand, and Spain are not expected to recover from the pandemic even by the end of 2022, given the projections for the nations’ growth.
With information from Poder360
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