The nation could become the seventh most valuable nation with a brand value of $2 trillion, according to a survey, despite losing 20.8 percent of its value to the disturbances caused by the pandemic.
The US continues to lead the $23.73 trillion brand value league despite losing 14.5 percent of it, led by China, which lost its value by 3.7 percent to $18.76 trillion, Brand Valuation and Strategy Consultancy Brand Finance said in Thursday’s report.
Although each of these nations held their value, despite losing 6 percent of its value, Japan strengthened by a notch to the third position with a value of $4.26 trillion, dragging Germany a notch down to the fourth spot at $3.81 trillion as it saw a value erosion of 21.5 percent.
Collectively, while negotiating the catastrophic pandemic, the top 100 national brands lost a whopping $13.1 trillion of their market value in 2020, according to the study.It added that on average, the top-10 most valuable brands contracted 14 percent.
As it emerged relatively unscathed from the pandemic, Japan jumped a notch, while Ireland is the only country in the top-20 to record brand value growth, growing 11% to $670 billion, a testament to its resilient economy backed by solid exports and consumer spending.
Similarly, Vietnam, which is emerging as a development center in Southeast Asia, is challenging the global trend with a remarkable 29 percent rise in value. In comparison, Argentina, having lost a whopping 57 percent of its value, is the fastest dropping nation brand, as the nation has over 1 million caseloads, making it the second-worst country after the US with the pandemic.
When it comes to national brand strength, with a score of 84.9 out of 100, Germany tops the world as the strongest national brand, followed by Britain with a score of 83.
After a 20.8 percent decrease in brand value to $2.02 trillion, India has held onto its spot as the seventh most valuable national brand in the world.
The study reports that the overall brand value of the top 100 national brands drops from $98 trillion in 2019 to $84.9 trillion in 2020, down $13.1 trillion, with almost every nation suffering a major effect on their respective economies from the health crisis.
David Haigh, Brand Finance Chief Executive, said that considering the times we are in, the downward trend of almost all of the most valuable national brands is unsurprising.