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The Economic Impact of COVID-19, According to Business Leaders

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The Economic Impact of COVID-19, According to Global Business Leaders

The Economic Impact of COVID-19: Positives and Negatives

The global pandemic has disrupted business activities worldwide. But COVID-19’s economic impact has varied across regions, and the consequences have been largely dependent on a region’s economic position.

Using survey data from the World Economic Forum’s 20th Global Competitiveness Report, this graphic showcases the economic impact of COVID-19 worldwide. This year’s survey was conducted between February and July 2020 and includes responses from 11,866 business executives across 126 economies.

As you’ll see, the data was collected with the specific focus of contrasting the pandemic’s effects on developing economies compared to advanced economies.

Top Negative Impacts of COVID-19

By comparing business leaders’ responses in 2020 to their answers over the last three years, some clear trends have emerged.

In advanced economies, the top negative economic impact of COVID-19 has been a decline in competition, followed by reduced collaboration between companies and a growing challenge in finding and hiring skilled workers:

RankFactor% Change (2020 vs. 3-Yr Avg)
1Competition in network services-2.9%
2Collaboration between
companies
-2.6%
3Competition
in professional services
-2.3%
4Competition in retail services-1.8%
5Ease of finding skilled employees-1.5%

What’s driving this reduced competition in advanced economies?

One factor could be the increased use of online platforms. Ecommerce is heavily dominated by a select number of retailers. Because of this, bigger retailers like Amazon have seen massive boosts in their online sales, while many smaller brick-and-mortar businesses have been struggling.

While negative impacts on advanced economies are centered around market concentration and talent gaps, developing countries have faced different problems this year, like increased crime and governance issues:

RankFactor% Change (2020 vs. 3-Yr Avg)
1Business costs of crime and violence-2.5%
2Judicial
independence
-2.4%
3Organized crime-1.2%
4Extent of market dominance-0.6%
5Public trust of politicians-0.4%

It’s important to note that in the 2018 and 2019 surveys, organized crime and business costs related to crime and violence were trending downward. Because of this, the World Economic Forum suggests that we consider this year’s increase in these areas as as a temporary COVID-induced setback rather than a long-term issue.

Top Positive Impacts of COVID-19

Despite the struggles brought on by COVID-19, the pandemic has also triggered positive change. In fact, business leaders perceived more positive developments this year than negative ones.

In advanced economies, the top positive impacts were government responsiveness to change, followed by internal collaboration within companies:

RankFactor% Change (2020 vs. 3-Yr Avg)
1Government's responsiveness to change8.2%
2Collaboration within a company4.6%
3Venture capital availability4.4%
4Social safety net protection4.2%
5Soundness of banks4.0%

Interestingly, internal collaboration improved while external collaboration got worse. This is likely because companies had to adapt to changing work environments, while also learning how to collaborate with one another through remote working.

Internal collaboration didn’t just improve in advanced economies. In fact, developing economies experienced several of the top positive impacts that advanced economies saw as well:

RankFactor % Change (2020 vs. 3-Yr Avg)
1Collaboration within a company6.9%
2Government's responsiveness to change6.8%
3Efficiency of train transport services5.9%
4Venture capital availability5.9%
5Country capacity to attract talent5.8%

While perceptions on official responsiveness to change increased, public trust in politicians decreased slightly. This indicates that, while government responses to COVID-19 may have been received well in developing economies, overall feelings towards political leaders did not waiver.

How Have Countries Stayed Strong During the Pandemic?

While the impacts of COVID-19 varied between advanced and developing economies, business leaders across the board identified some common features that helped countries remain resilient:

  1. Economic digitization and digital skills
    Social distancing has been a key response to the pandemic. Because of this, countries that were set up for remote work have fared better than others. Netherlands, New Zealand, and Finland are a few examples.
  2. Safety nets and financial soundness
    Countries with established support systems for companies and citizens were in a better position to keep their economies afloat. Denmark and Norway provided much-needed support to their households, while Taiwan and the U.S. were able to aid businesses thanks to strong financial systems.
  3. Governance and planning
    Balancing health priorities with economic and fiscal policies was a delicate dance this year. Countries that provided relatively stable political frameworks were Singapore, Luxembourg, Austria, and the United Arab Emirates.
  4. Healthcare system and R&D
    A strong healthcare system meant widespread access to health services needed during the pandemic, as well as established public health protocols. Japan, Spain, and Taiwan were good examples of this.

Will these key features of competitiveness remain effective measures of a strong economy in 2021, or will our benchmarks for success evolve post-pandemic?

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World Beer Index 2021: What’s the Price of a Beer in Your Country?

The global desire for beer prevails even in a pandemic. These maps compare the average beer price in 58 countries—just how much do we drink?

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What’s the Price of A Beer in Your Country?

View the high resolution of this infographic by clicking here.

Although fewer people have been able to grab a beer at the pub during this pandemic, the global desire for beer prevails. For example, sales of the Corona beer actually shot up in the past year, despite—or perhaps because of—associations with the coronavirus.

This World Beer Index from Expensivity compares the average price of a bottle of beer in 58 countries in a detailed map. Additionally, we show which countries spend the most on beer per capita, and just how much beer people really drink.

Pricey Pints: The Average Price of a Beer

Researchers calculated the average price of a typical bottle of beer (330ml, just shy of a pint) from well known brands via online stores and statistics database Numbeo. In addition, local beer prices were pulled from hotel and bar menus, and average values converted to USD.

In Qatar, you’d have to shell out $11.26 for a single beer, which would surely make for a really expensive night out on the town. In part, this is because in 2019, the Muslim-majority country introduced a 100% excise tax on top the previous sales price of all alcohol imports.

These steep prices are aimed at tourists—and with Qatar hosting the 2022 men’s soccer World Cup, there’ll be thousands of visitors in the country looking for a cold one at any price.

RankCountryCapital CityAverage Price of a Beer
1South AfricaPretoria, Bloemfontein, Cape Town$1.68
2UkraineKyiv$1.76
3ArgentinaBuenos Aires$1.79
4Bosnia And HerzegovinaSarajevo$1.96
5GhanaAccra$2.05
6TunisiaTunis$2.09
7GeorgiaTbilisi$2.30
8North MacedoniaSkopje$2.34
9ChileSantiago$2.40
10Czech Republic (Czechia)Prague$2.49
11RwandaKigali$2.52
12BrazilBrasilia$2.52
13HaitiPort Au Prince$2.66
14ColombiaBogota$2.72
15SpainMadrid$2.74
16PanamaPanama City$2.74
17Sri LankaColombo$2.77
18HungaryBudapest$2.84
19ArmeniaYerevan$2.96
20IndonesiaJakarta$3.17
21AzerbaijanBaku$3.18
22GuyanaGeorgetown$3.39
23BoliviaSanta Cruz$3.42
24KazakhstanNur-Sultan$3.44
25BelgiumBrussels$3.47
26TurkeyIstanbul$3.61
27MaltaValletta$3.65
28BelarusMinsk$3.72
29EgyptCairo$3.80
30IndiaNew Delhi$3.90
31CanadaOttawa$3.96
32AustriaVienna$3.99
33WalesCardiff$4.06
34NepalKathmandu$4.13
35ScotlandEdinburgh$4.18
36GreeceAthens$4.25
37PhilippinesManila$4.25
38PolandWarsaw$4.37
39MexicoMexcio City$4.46
40LithuaniaVilnius$4.55
41South KoreaSeoul$4.56
42NetherlandsAmsterdam$4.60
43GermanyBerlin$4.64
44MalaysiaKuala Lumpur$4.74
45United StatesWashington D.C.$4.75
46ThailandBangkok$4.82
47PortugalLisbon$5.06
48RussiaMoscow$5.08
49SingaporeSingapore$5.17
50DenmarkCopenhagen$5.20
51ItalyRome$5.83
52EnglandLondon$5.97
53JapanTokyo$6.16
54SwitzerlandBern$6.23
55FranceParis$6.39
56ChinaBeijing$7.71
57JordanAmman$9.40
58QatarDoha$11.26

At just $1.68 per bottle, South Africa has the lowest average price of a beer thanks at least partially to cultural norms of buying in bulk.

Cashing In: The Per Capita Spend on Beer

The price of a single beer is one thing, but which countries spend the most on beer itself? Germany unsurprisingly tops the list here with nearly $2,000 of expenditures per capita, bolstered by its strong beer culture and annual Oktoberfest celebration.

Germany also prides itself on the purity of its beer—the vast majority of brewers follow the Reinheitsgebot, centuries-old purity laws that broadly state that beer may contain only three ingredients: water, barley, and hops.

World Beer Index 2021 - Per Capita Spend on Beer 820px
View the high resolution of this infographic by clicking here.

Following closely behind is Poland, which spends $1,738 per capita. Meanwhile, the U.S. ranks eighth in the world for the highest spending on beer per capita at $1,554—beer is also the country’s most popular alcoholic beverage.

Getting Boozy: How Much Beer Do People Drink?

Using data from the World Health Organization, the visualization below also digs into how much beer is consumed around the world per capita.

The Czech Republic emerges on top in this regard, with 468 beers on average in a year—that works out to 1.3 beers per day. Spain and Germany are next with 417 and 411 beers, respectively.

World Beer Index 2021 - Per Capita Beer Consumption 820px
View the high resolution of this infographic by clicking here.

On the flip side, people in Haiti only drink about four beers yearly. This may be because they prefer something a little stronger—97% of alcohol consumption in the nation comes from spirits such as rum.

Beer has been around for over 7,000 years. No matter the price of a beer in your country, it’s worth raising a glass to the timelessness of this humble beverage.

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The Population of China in Perspective

China is the world’s most populous country. But how does the population of China compare to the rest of the world?

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population of china

The Population of China in Perspective

China is the world’s most populous country with an astounding 1.44 billion citizens. Altogether, the size of the population of China is larger than nearly four regions combined: South America, Europe (excluding Russia), the U.S. & Canada, and Australia & New Zealand.

Using data from the United Nations, this unconventional map reveals the comparative size of China’s population next to a multitude of other countries.

Note: To keep the visualization easy to read, we’ve simplified the shapes representing countries. For example, although we’ve included Alaska and Hawaii in U.S. population totals, the U.S. is represented by the contiguous states map only.

A Historical Perspective

Looking at history, the population of China has more than doubled since the 1950s. The country was the first in the world to hit one billion people in 1980.

However, in 1979, in an attempt to control the burgeoning population, the infamous one-child policy was introduced, putting controls on how many children Chinese citizens could have.

While the government eventually recognized the negative implications of this policy, it appeared to be too little, too late. The two-child policy was introduced in 2016, but it has not yet reversed the current slowdown in population growth.

YearChina's Population (Millions)Annual Rate of Growth (%)Median AgeFertility Rate
1955612.22.00%22.26.11
1960660.41.53%21.35.48
1965724.21.86%19.86.15
1970827.62.70%19.36.30
1975926.22.28%20.34.85
19801,000.11.55%21.93.01
19851,075.61.47%23.52.52
19901,176.91.82%24.92.73
19951,240.91.07%27.41.83
20001,290.60.79%30.01.62
20051,330.80.62%32.61.61
20101,368.80.57%35.01.62
20151,406.80.55%36.71.64
20161,414.00.51%37.01.65
20171,421.00.49%37.01.65
20181,427.60.47%37.01.65
20191,433.80.43%37.01.65
20201,439.30.39%38.41.69

The fertility rate has been consistently falling from over 6 births per woman in 1955 to 1.69 in 2020. Today, the median age in China is 38 years old, rising from 22 in 1955. Longer life spans and fewer births form a demographic trend that has many social and economic implications.

Overall, China’s young population is becoming scarcer, meaning that the domestic labor market will eventually begin shrinking. Additionally, the larger share of elderly citizens will require publicly-funded resources, resulting in a heavier societal and financial burden.

Strength in Numbers

Despite these trends, however, China’s current population remains massive, constituting almost 20% of the world’s total population. Right now 71% of the Chinese population is between the ages of 15 and 65 years old, meaning that the labor supply is still immense.

Here are the populations of 65 countries from various regions of the world—and added together, you’ll see they still fall short of the population of China:

CountryPopulation Region
🇺🇸 U.S.331,002,651North America
🇨🇦 Canada37,742,154North America
🇧🇷 Brazil212,559,417South America
🇨🇴 Colombia50,882,891South America
🇦🇷 Argentina45,195,774South America
🇵🇪 Peru32,971,854South America
🇻🇪 Venezuela28,435,940South America
🇨🇱 Chile19,116,201South America
🇪🇨 Ecuador17,643,054South America
🇧🇴 Bolivia11,673,021South America
🇵🇾 Paraguay7,132,538South America
🇺🇾 Uruguay3,473,730South America
🇬🇾 Guyana786,552South America
🇸🇷 Suriname586,632South America
🇬🇫 French Guyana298,682South America
🇫🇰 Falkland Islands3,480South America
🇦🇺 Australia25,499,884Oceania
🇳🇿 New Zealand4,822,233Oceania
🇩🇪 Germany83,783,942Europe
🇫🇷 France65,273,511Europe
🇳🇱 Netherlands17,134,872Europe
🇧🇪 Belgium11,589,623Europe
🇦🇹 Austria9,006,398Europe
🇨🇭 Switzerland8,654,622Europe
🇱🇺 Luxembourg625,978Europe
🇲🇨 Monaco39,242Europe
🇱🇮 Liechtenstein38,128Europe
🇮🇹 Italy60,461,826Europe
🇪🇸 Spain46,754,778Europe
🇬🇷 Greece10,423,054Europe
🇵🇹 Portugal10,196,709Europe
🇷🇸 Serbia8,737,371Europe
🇭🇷 Croatia4,105,267Europe
🇧🇦 Bosnia and Herzegovina3,280,819Europe
🇦🇱 Albania2,877,797Europe
🇲🇰 North Macedonia2,083,374Europe
🇸🇮 Slovenia2,078,938Europe
🇲🇪 Montenegro628,066Europe
🇲🇹 Malta441,543Europe
🇦🇩 Andorra77,265Europe
🇸🇲 San Marino33,931Europe
🇬🇮 Gibraltar33,691Europe
🇻🇦 Vatican City801Europe
🇬🇧 United Kingdom67,886,011Europe
🇸🇪 Sweden10,099,265Europe
🇩🇰 Denmark5,792,202Europe
🇫🇮 Finland5,540,720Europe
🇳🇴 Norway5,421,241Europe
🇮🇪 Ireland4,937,786Europe
🇱🇹 Lithuania2,722,289Europe
🇱🇻 Latvia1,886,198Europe
🇪🇪 Estonia1,326,535Europe
🇮🇸 Iceland341,243Europe
Channel Islands173,863Europe
🇮🇲 Isle of Man85,033Europe
🇫🇴 Faroe Islands48,863Europe
🇺🇦 Ukraine43,733,762Europe
🇵🇱 Poland37,846,611Europe
🇷🇴 Romania19,237,691Europe
🇨🇿 Czechia10,708,981Europe
🇭🇺 Hungary9,660,351Europe
🇧🇾 Belarus9,449,323Europe
🇧🇬 Bulgaria6,948,445Europe
🇸🇰 Slovakia5,459,642Europe
🇲🇩 Moldova4,033,963Europe
Total1,431,528,252

To break it down even further, here’s a look at the population of each of the regions listed above:

  • Australia and New Zealand: 30.3 million
  • Europe (excluding Russia): 601.7 million
  • South America: 430.8 million
  • The U.S. and Canada: 368.7 million

Combined their population is 1.432 billion compared to China’s 1.439 billion.

Overall, the population of China has few comparables. India is one exception, with a population of 1.38 billion. As a continent, Africa comes in close as well at 1.34 billion people. Here’s a breakdown of Africa’s population for further comparison.

CountryPopulation Region
🇳🇬 Nigeria206,139,589Africa
🇬🇭 Ghana31,072,940Africa
🇨🇮 Côte d'Ivoire26,378,274Africa
🇳🇪 Niger24,206,644Africa
🇧🇫 Burkina Faso20,903,273Africa
🇲🇱 Mali20,250,833Africa
🇸🇳 Senegal16,743,927Africa
🇬🇳 Guinea13,132,795Africa
🇧🇯 Benin12,123,200Africa
🇹🇬 Togo8,278,724Africa
🇸🇱 Sierra Leone7,976,983Africa
🇱🇷 Liberia5,057,681Africa
🇲🇷 Mauritania4,649,658Africa
🇬🇲 Gambia2,416,668Africa
🇬🇼 Guinea-Bissau1,968,001Africa
🇨🇻 Cabo Verde555,987Africa
🇸🇭 Saint Helena6,077Africa
🇿🇦 South Africa59,308,690Africa
🇳🇦 Namibia2,540,905Africa
🇧🇼 Botswana2,351,627Africa
🇱🇸 Lesotho2,142,249Africa
🇸🇿 Eswatini1,160,164Africa
🇪🇬 Egypt102,334,404Africa
🇩🇿 Algeria43,851,044Africa
🇸🇩 Sudan43,849,260Africa
🇲🇦 Morocco36,910,560Africa
🇹🇳 Tunisia11,818,619Africa
🇱🇾 Libya6,871,292Africa
🇪🇭 Western Sahara597,339Africa
🇨🇩 Democratic Republic of the Congo89,561,403Africa
🇦🇴 Angola32,866,272Africa
🇨🇲 Cameroon26,545,863Africa
🇹🇩 Chad16,425,864Africa
🇨🇬 Congo5,518,087Africa
🇨🇫 Central African Republic4,829,767Africa
🇬🇦 Gabon2,225,734Africa
🇬🇶 Equatorial Guinea1,402,985Africa
🇸🇹 Sao Tome and Principe219,159Africa
🇪🇹 Ethiopia114,963,588Africa
🇹🇿 Tanzania59,734,218Africa
🇰🇪 Kenya53,771,296Africa
🇺🇬 Uganda45,741,007Africa
🇲🇿 Mozambique31,255,435Africa
🇲🇬 Madagascar27,691,018Africa
🇲🇼 Malawi19,129,952Africa
🇿🇲 Zambia18,383,955Africa
🇸🇴 Somalia15,893,222Africa
🇿🇼 Zimbabwe14,862,924Africa
🇷🇼 Rwanda12,952,218Africa
🇧🇮 Burundi11,890,784Africa
🇸🇸 South Sudan11,193,725Africa
🇪🇷 Eritrea3,546,421Africa
🇲🇺 Mauritius1,271,768Africa
🇩🇯 Djibouti988,000Africa
🇷🇪 Réunion895,312Africa
🇰🇲 Comoros869,601Africa
🇾🇹 Mayotte272,815Africa
🇸🇨 Seychelles98,347Africa
Total1,340,598,147

Future Outlook on the Population of China

Whether or not China’s population growth is slowing appears to be less relevant when looking at its sheer size. While India is expected to match the country’s population by 2026, China will remain one of the world’s largest economic powerhouses regardless.

It is estimated, however, that the population of China will drop below one billion people by the year 2100—bumping the nation to third place in the ranking of the world’s most populous countries. At the same time, it’s possible that China’s economic dominance may be challenged by these same demographic tailwinds as time moves forward.

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