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The Year in Review: 2020 in 20 Visualizations

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Can you remember a year more life-changing than 2020?

Over a million lives were lost in the pandemic, oil prices turned negative, and protests swept the streets. At the same time, 10 years of technology advancements seemed to happen in mere months—and now vaccinations are rolling out at a record speed.

Below, we round up some of the year’s biggest news events with charts and visualizations.


The Year in Review: 2020 in 20 Visualizations

Graphic #1   ⟩⟩   January 2020

Australian Bushfires

For some in the Southern Hemisphere who ushered in the new year first, it started on fire.

Reuters assessed the scale of the damage caused by bushfires across Australia. In fact, total burned areas reached 18.6 million hectares (186,000km²) by March, bigger than the total land mass of entire countries like Cuba.

Here’s the damage done in the state of New South Wales alone, compared to previous years:

australia nsw bushfire season 2019-2020

While bushfires are common in Australia, this year, dry conditions fueled the flames. The fires raged for nearly 80 days, displacing or killing nearly 3 billion animals—a devastating biodiversity loss for the country.

Graphic #2   ⟩⟩   January 2020

Rising Iran–U.S. Tensions

In early January, a U.S. air strike incinerated the car of General Qassim Suleimani, a security mastermind and one of Iran’s most powerful military strategists. U.S. officials claimed that Iran was planning an “imminent” attack.

In retaliation, Iran fired two rockets at U.S. military bases located in Iraq. No one was killed. As tensions escalated, the U.S. House of Representatives passed a bill to try and restrict President Trump’s use of military power against Iran without approval.

iran missile flight PS752

Later, in mid-January, Iran’s Revolutionary Guard admitted that it mistakenly shot down a Ukrainian passenger jet, responsible for the death of 176 people.

Graphic #3   ⟩⟩   March 2020

The Spread of the “Novel Coronavirus”

You’ve heard of Patient Zero, but what about Patient 31?

Before February, cases of the still unnamed virus were largely contained within China, with the rest of the world cautiously observing the country’s containment efforts. Slowly, but surely, the virus began to spread beyond China’s borders.

South Korea’s 31st confirmed COVID-19 case—which was behind the rapid spread of the virus to potentially up to 1,160 contacts in the country—served as a warning to the rest of the world of how fast the virus could spread.

patient 31 south korea covid-19 superspreader
» See the full graphic by Reuters

Reuters’ unique graphic explainer uncovers how just one typical day of multiple “normal” interactions had significant super-spreader effects.

Graphic #4   ⟩⟩   March 2020

The Coronavirus Crash

The S&P 500 erased over a third of its value in under a month—the fastest 30% decline ever recorded on the benchmark index.

As a result, the global tourism industry suffered dramatic losses, with countless cruise ships docked and passenger flights traveling at half-capacity.

beach stocks covid-19

This graphic shows the BEACH stocks—booking, entertainment & live events, airlines, cruises & casinos, hotels & resorts—that were most impacted by worldwide travel bans.

While some of these stocks have since recovered, the ongoing impact of COVID-19 is still most widely being felt among companies in these types of industries.

Graphic #5 & 6   ⟩⟩   March 2020

Lockdown Life Begins

From toilet paper hoarding to limits on gatherings, the pandemic’s immediate effects on our surrounding environment became clear as early as March. As daily life came to a standstill, commuter activity in major cities plummeted throughout the month.

covid-19 city shutdown mobility

One unintended positive consequence of these shutdowns? Air pollution, such as nitrogen dioxide (NO₂) emissions also steeply dropped alongside these restrictions on movement.

Possibly the most well-known diagram of the pandemic is the one that introduced the world to the phrase “flatten the curve”, showing why it was important to prevent and delay the spread of the virus so that large portions of the population aren’t sick at the same time.

flattening the covid19 curve

Graphic #7   ⟩⟩   April 2020

Historic U.S. Job Losses

After the World Health Organization declared COVID-19 a global pandemic on March 11, unemployment figures soon hit historic proportions.

Within a month, 22 million in the U.S. had filed jobless claims.

historic covid-19 job losses

To put this in perspective, U.S. unemployment levels in 2020 were roughly 10 times higher than previous peak unemployment levels in absolute terms. Or, to look at it another way, this is equivalent to the entire population of Chile or Taiwan.

Graphic #8   ⟩⟩   April 2020

Stimulus Announced in the U.S.

On March 27, the $2 trillion CARES Act came into law after facing minimal resistance from the House and Senate. We broke down the historic relief package in the Sankey diagram below.

anatomy of covid-19 stimulus package cares act

The relief package included $1,200 direct deposits to individuals, over $350 billion in relief for small businesses, and an excess of $100 billion for the U.S. health system.

Graphic #9   ⟩⟩   April 2020

Oil Prices Go Negative

In another historic event, oil prices went negative for the first time in history. Futures contracts for WTI oil fell to a stunning -$37.63 on April 20th, with producers actually paying traders to take oil off their hands.

negative oil explainer charts

Oil has since recovered from this shock, cruising back to more typical price levels.

Graphic #10   ⟩⟩   May 2020

Black Lives Matter Protests

“I can’t breathe.” These few words sparked the ongoing flames of a significant movement this summer: Black Lives Matter (BLM).

After the killing of George Floyd on May 25, by police, the Armed Conflict Location & Event Data Project (ACLED) recorded over 7,750 BLM-linked demonstrations over a three month span.

george floyd blm protests and riots

The nationwide pattern of civil unrest is well-documented, but there’s been no time like the present to demand change. Though images of burning cars and police clashes dominated the headlines, in the end, 93% of the protests were peaceful.

There’s also been a ripple effect, with thousands of similar rallies reported in countries around the world.

Graphic #11 & 12  ⟩⟩   May 2020

The World Works from Home

The dramatic shift to staying at home has resulted in a much higher reliance on technology for many people. Nowhere were these trends exemplified more than the rise of video conferencing software Zoom—the platform was used for work, education, and socializing alike.

As monthly users swelled, those who typically take to the skies also declined in a steep fashion. In this graphic from May, we noted that Zoom’s market capitalization had skyrocketed to eclipse the top seven airlines by revenue, combined.

zoom market cap bigger than airlines

As remote work became the new normal for significant shares of the workforce, unique benefits of this adjusted lifestyle arose, but it didn’t come without its challenges.

remote working benefits and struggles

Perhaps the most significant lasting change from the COVID-19 pandemic might be the adoption of flexible work, even by firms that resisted the trend in the past.

If many employees continue to work remotely, even part of the time, then that will have a big impact on everything from the commercial office market to the bottom line of SaaS companies that help facilitate remote collaboration among teams.

Graphic #13   ⟩⟩   July 2020

Tesla becomes World’s Most Valuable Automaker

2020 was a hallmark year for Tesla. In June, it became the most valuable automaker in the world—surpassing the likes of Toyota, Volkswagen, and Honda.

Tesla’s market valuation climbed over 375% since June 2019. While these soaring figures are one factor behind its rise, others include record Model 3 sales, which prompted market euphoria.

Tesla most valuable automaker

But Tesla’s story is far from over.

The company is now worth more than the largest nine automakers combined, and is set to enter the S&P 500 officially on December 21, 2020. Tesla will be the most valuable company to ever enter the index, ranking as the eighth-largest overall.

Graphic #14   ⟩⟩   July 2020

Big Tech’s Dominance

In many ways, COVID-19 only accentuated differences in market share, earnings, and wealth.

For one, Big Tech’s market cap share of the S&P 500 soared. In the seven years preceding July, the market cap of the six stocks—Facebook, Apple, Amazon, Netflix, Alphabet, and Microsoft—grew over 500%. By contrast, the S&P 500 rose just 110%.

faangm vs sp500

At the same time, Big Tech’s concentration reached record levels, with the five largest companies accounting for over 20% of the index’s total value.

Graphic #15   ⟩⟩   August 2020

Beirut Explosion

While the world grappled with numerous biological and natural disasters, human-error led to a deadly explosion that rocked Beirut’s port. The blast was broadcast around the world in real time as people filmed the fire on their devices.

Using satellite data, NASA and NYT mapped the extent of the damage, which claimed 135 lives and affected 305,000 more.

beirut explosion damage
» See the full interactive explainer by NYT

This explosion was the biggest accident of its kind in modern history, triggered by the exposure of combustible ammonium nitrate—a key ingredient in fertilizers—to an open flame due to poor storage. Beyond the human toll, the financial cost of this explosion is estimated at above $15 billion.

ammonium nitrate explosions

Graphic #16   ⟩⟩   August 2020

Shortest Bear Market in History Ends

In a stunning reversal, the bear market of 2020 ended on August 18 when the S&P 500 exceeded previous February highs. As trillions of dollars in stimulus response got injected into global economies, markets recovered in record time.

sp500 Market Crashes

Just two weeks before the shortest bear market in history ended, we published a graphic comparing previous stock crashes—from 1987’s Black Monday to the Nixon Shock of 1973—exposing the duration and intensity of market downturns since 1929.

Graphic #17   ⟩⟩   August 2020

U.S. Wildfire Season

Reddish-orange skies might seem otherworldly, but this fall, they were a common sight across the West Coast of North America, where air quality reached the “hazardous” category for long stretches of time.

U.S. west coast air quality

2020 was the most active year on record for wildfires yet, with California and Oregon being particularly hard-hit. While some wildfires are caused by natural occurrences like lightning strikes, an overwhelming majority (85-90%) happen because of human causes such as discarded cigarettes and campfire debris.

This is an unprecedented event. We now have the largest wildfire in [California’s] history, as well as the third largest and the fourth largest and five of the Top 10.

– Noah Diffenbaugh, professor and senior fellow at Stanford University

Graphic #18   ⟩⟩   November 2020

The 2020 U.S. Presidential Election

In 2020, U.S. election spending hit over $13 billion, more than twice the amount spent on the entire 2016 election.

Of this total, congressional spending topped $7 billion, with Democrats spending 64% more than Republican candidates for the House and Senate.

2020 election spending

President Biden was the first candidate ever to raise $1 billion, while Trump raised $596 million.

Graphic #19   ⟩⟩   December 2020

COVID-19’s Third Wave

Like history tells us, pandemics come in waves. The third wave of COVID-19 escalated in November, when cases began to surge.

On November 8, the seven-day average of new daily cases hit 100,000 in America. By the end of November, global cases soared to 60 million. Since then, cases have trended upward, leading local governments worldwide to enforce social distancing requirements for the winter holiday season.

The below graphic from Reddit helps show the latest surge in cases in the U.S.:

third-wave-gif

Graphic #20   ⟩⟩   December 2020

Global Vaccination Effort Kicks Off

In more recent news, Pfizer made waves when it announced it was rolling out a 95% effective COVID-19 vaccine. Then followed Moderna, at 94.5% in mid-November. As the global vaccination race intensifies, Bloomberg tracks the progress of nine vaccines and 80 publicly disclosed distribution deals representing 7.95 billion vaccination doses.

However, even with viable vaccines, challenges still exist. All around the world, perceptions of vaccine safety have dropped significantly, which may complicate an economic recovery.

vaccine perceptions global

On to the Next One

After the wild ride that was 2020, many people are wondering what 2021 will have in store.

In the first half of the year, vaccine distribution will surely take center stage. As well, economic recovery will be in focus as physical businesses resume more typical activity and regions slowly open up travel and tourism again.

Much like the financial crisis of 2008 was an inflection point for the economy, the COVID-19 pandemic has changed the course of human history. Chaos can breed opportunity, and even though unemployment spiked to record highs in the U.S., new business applications did as well.

Will things return to “normal”? As the many twists and turns of the past year have demonstrated, our complex, interconnected world is far from static. The next black swan is always just around the corner.

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China’s Economy: 40 Years of Soaring Exports

China’s economy today is completely different than 40 years ago; in 2021 the country makes up the highest share of exports globally.

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China's Economy

Animated Chart: 40 Years of Soaring Exports in China

China has the second highest GDP in the world, and it exports 15% of all the world’s goods. But how did this come to be?

A mere 40 years ago, China’s economy was in an entirely different situation, making up less than 1% of global exports and still in the infancy stages of building its economy. The above animated chart from the UNCTAD showcases China’s rise to global trade dominance over time.

Timeline: The Rise to Power

The China of the mid-20th century looks remarkably different when compared to the modern-day nation. Prior to the 1980s, China was going through a period of social upheaval, poverty, and dictatorship under Mao Zedong.

The 1970s

Beginning in the late 1970s, China’s share of global exports stood at less than 1%. The country had few trade hubs and little industry. In 1979, for example, Shenzhen was a city of just around 30,000 inhabitants.

In fact, China (excluding Taiwan* and Hong Kong) did not even show up in the top 10 global exporters until 1997 when it hit a 3.3% share of global exports.

YearShare of Global ExportsRank
20004.0%#7
20057.3%#3
201010.3%#1
201513.7%#1
202014.7%#1

*Editor’s note: The above data comes from the UN, which lists Taiwan as a separate region of China for political reasons.

The 1980s

In the 1980s, several cities and regions, like the Pearl River Delta, were designated as Special Economic Zones. These SEZs had tax incentives that worked to attract foreign investment.

Additionally, in 1989, the Coastal Development Strategy was implemented to use strategic regions along the country’s coast as catalysts for economic development.

The 1990s and Onwards

By the 1990s, the world saw the rise of global value chains and transnational production lines, with China offering a cheap manufacturing hub due to low labor costs.

Rounding out the ‘90s, the Western Development Strategy was implemented in 1999, dubbed the “Open Up the West” program. This program worked to build up infrastructure and education to retain talent in China’s economy, with the goal of attracting further foreign investment.

Finally, China officially joined the World Trade Organization in 2001 which allowed the country to progress full steam ahead.

Made in China

Today China is a trade giant and manufacturing behemoth. Only the U.S. and Germany come close to its share of global exports, sitting at 8.1% and 7.8% respectively.

RankCountryShare of Global Exports (2020)
#1🇨🇳 China14.7%
#2🇺🇸 U.S. 8.1%
#3🇩🇪 Germany7.8%
#4🇳🇱 Netherlands3.8%
#5🇯🇵 Japan3.6%
#6🇭🇰 Hong Kong SAR3.1%
#7🇰🇷 South Korea2.9%
#8🇮🇹 Italy2.8%
#9🇫🇷 France2.8%
#10🇧🇪 Belgium2.4%

China’s manufacturing industry has become dominant in producing just about anything from commonplace household items to integral pieces in automotive manufacturing. Some staples of Chinese manufacturing are:

  • Precision instruments
  • Semiconductors
  • Industrial machinery for computers and smartphones

COVID-19 made China’s integral role in the global economy even more visceral, as major delays in the supply chain occurred when the virus hit the country.

An Economic Superpower

In 2021, China’s trade recovery from the crisis has bested most other countries—in Q1 2021, its exports grew by almost 50% compared to the previous year’s quarter, to around $710 billion.

And the country is not slowing down any time soon. Further plans for economic development are well under way, like Made in China 2025, with the goal of becoming a dominant player in global high-tech manufacturing. Additionally, the famous One Belt, One Road initiative has been funding infrastructure projects globally over the past decade, and the country is also a founding member of the RCEP—which is soon to be the world’s biggest trading bloc.

However, China still faces a series of challenges, such as:

  • Population decline
  • The onset of labor saving technology
  • Trade wars with U.S. and sanctions from other trade partners, like Europe
  • The emergence of ASEAN trade powers, like Vietnam

A declining population has many implications like a shrinking workforce and domestic market. Additionally, many companies are setting up shop in less costly manufacturing hubs like Vietnam.

Furthermore, inexpensive innovations in labor-saving technologies, such as robotics and automation, have already begun to undermine the cheap manual labor that has made China the world’s manufacturer.

All of these elements and more could potentially spell a slowing of growth in China’s export dominance. However, while the future for China may not be certain, currently, global trade and production could not function without it.

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Markets

The Biggest Business Risks in 2021

We live in an increasingly volatile world, where change is the only constant. Which are the top ten business risks to watch out for?

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The Biggest Business Risks Around the World

We live in an increasingly volatile world, where change is the only constant.

Businesses, too, face rapidly changing environments and associated risks that they need to adapt to—or risk falling behind. These can range from supply chain issues due to shipping blockages, to disruptions from natural catastrophes.

As countries and companies continue to grapple with the effects of the pandemic, nearly 3,000 risk management experts were surveyed for the Allianz Risk Barometer, uncovering the top 10 business risks that leaders must watch out for in 2021.

The Top 10 Business Risks: The Pandemic Trio Emerges

Business Interruption tops the charts consistently as the biggest business risk. This risk has slotted into the #1 spot seven times in the last decade of the survey, showing it has been on the minds of business leaders well before the pandemic began.

However, that is not to say that the pandemic hasn’t made awareness of this risk more acute. In fact, 94% of surveyed companies reported a COVID-19 related supply chain disruption in 2020.

Rank (2021)% ResponsesRisk NameBusiness Risk ExamplesChange from 2020
#141%Business InterruptionSupply chain disruptions
#240%Pandemic OutbreakHealth and workforce issues, restrictions on movement
#340%Cyber IncidentsCybercrime, IT failure/outage, data breaches, fines and penalties
#419%Market DevelopmentsVolatility, intensified competition/new entrants, M&A, market stagnation, market fluctuation
#519%Legislation/ Regulation ChangesTrade wars and tariffs, economic sanctions, protectionism, Brexit, Euro-zone disintegration
#617%Natural CatastrophesStorm, flood, earthquake, wildfire
#716%Fire, Explosion-
#813%Macroeconomic DevelopmentsMonetary policies, austerity programs, commodity price increase, deflation, inflation
#913%Climate Change-
#1011%Political Risks And ViolencePolitical instability, war, terrorism, civil commotion, riots and looting

Note: Figures do not add to 100% as respondents could select up to three risks per industry.

Pandemic Outbreak, naturally, has climbed 15 spots to become the second-most significant business risk. Even with vaccine roll-outs, the uncontrollable spread of the virus and new variants remain a concern.

The third most prominent business risk, Cyber Incidents, are also on the rise. Global cybercrime already causes a $1 trillion drag on the economy—a 50% jump from just two years ago. In addition, the pandemic-induced rush towards digitalization leaves businesses increasingly susceptible to cyber incidents.

Other Socio-Economic Business Risks

The top three risks mentioned above are considered the “pandemic trio”, owing to their inextricable and intertwined effects on the business world. However, these next few notable business risks are also not far behind.

Globally, GDP is expected to recover by +4.4% in 2021, compared to the -4.5% contraction from 2020. These Market Developments may also see a short-term 2 percentage point increase in GDP growth estimates in the event of rapid and successful vaccination campaigns.

In the long term, however, the world will need to contend with a record of $277 trillion worth of debt, which may potentially affect these economic growth projections. Rising insolvency rates also remain a key post-COVID concern.

Persisting traditional risks such as Fires and Explosions are especially damaging for manufacturing and industry. For example, the August 2020 Beirut explosion caused $15 billion in damages.

What’s more, Political Risks And Violence have escalated in number, scale, and duration worldwide in the form of civil unrest and protests. Such disruption is often underestimated, but insured losses can add up into the billions.

No Such Thing as a Risk-Free Life

The risks that businesses face depend on a multitude of factors, from political (in)stability and growing regulations to climate change and macroeconomic shifts.

Will a post-pandemic world accentuate these global business risks even further, or will something entirely new rear its head?

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