While both these nations retained their value, Japan improved by a notch to the third spot with a value of USD 4.26 trillion despite losing 6 per cent of its value, pushing Germany a notch down to the fourth slot at USD 3.81 trillion as it saw a value erosion of 21.5 per cent.
Collectively, the top-100 nation brands lost a whopping USD 13.1 trillion of their brand value in 2020, as they negotiate the devasting pandemic, according to the report.
It added that the top-10 most-valuable brands contracted 14 per cent on an average.
Japan jumped a notch as it has emerged relatively unscathed from the pandemic, while Ireland is the only nation in the top-20 to record brand value growth, up 11 per cent to USD 670 billion, a testament to its resilient economy bolstered by strong exports and consumer spending.
Similarly, Vietnam, which is emerging as a Southeast Asian hub for manufacturing, defies global trend with an impressive 29 per cent increase in its value. In contrast, Argentina is the fastest falling nation brand, having lost a whopping 57 per cent of its value, as the nation has over 1 million caseloads, making it the second-worst country with the pandemic after the US.
When it comes to nation brand power, Germany tops the world as the strongest nation brand with a score of 84.9 out of 100, followed by Britain with a score of 83.
India has held onto its position as the world’s seventh most-valuable nation brand, following a 20.8 per cent fall in brand value to USD 2.02 trillion.
The report estimates that the total brand value of the top-100 nation brands dropped from USD 98 trillion in 2019 to USD 84.9 trillion in 2020, down USD 13.1 trillion with almost every nation feeling a significant impact of the health crisis on their respective economies.
David Haigh, chief executive of Brand Finance, said the downward trend of nearly all most valuable nation brands is unsurprising given the times we are in.