The report looks at the effect of Covid-19 on nations’ GDP forecasts, inflation rates and general economic uncertainty to diminished long-term prospects.
This strong performance is largely attributable to the country’s forecasts being impacted less dramatically than others on the global stage – a particularly positive position given the twin threat of Brexit and Covid-19 states the report from brand valuation consultancy Brand Finance.
According to the report, the Irish economy has proved particularly resilient, being supported by strong exports and continued consumer spend.
Should the UK reach a deal on Brexit, Ireland will find itself in an even stronger position as trade disruption with the UK will be reduced, believes Brand Finance.
“Backed by a vibrant and resilient economy, Ireland’s strong nation brand reinforces the Emerald Isle’s perception as a preferred investment destination even in times of crisis,” commented Brand Finance Chief Executive David Haigh.
Top 100 nation brands lose $13.1trn (€11trn) in brand value
According to the report 2020 has put the world’s nations to the test with the top 100 most valuable nation brands in the world suffering a monumental loss to their brand value because of Covid-19.
It estimates that the total brand value of the top 100 nation brands dropped $13.1 trillion from $98.0 trillion in 2019 to $84.9 trillion in 2020 with almost every nation feeling a significant impact of the health crisis on their respective economies.
“With Covid-19 contributing to the recent rise of protectionism, we may see a reversal of the economic growth brought about by globalisation,” said David Haigh, “Having said that, optimism has certainly prevailed, with forecasts looking less dire than initially predicted and with the announcement of a working vaccine beginning to be rolled out, the future is certainly looking brighter.”
American brands Amazon, Google, Apple and Microsoft claimed four out of the top five spots in the year’s Brand Finance Global 500.