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Poland’s sharp growth – a stark increase from the +45.7% in 2019 – appears to be direct result of energy vehicle investment, which grew +116.6% in 2020. Brazil’s results told a similar story. In 2019, the country’s automotive sector experienced +36.4% growth – and in 2020 it saw growth triple, which again appears to be a result of energy vehicle adoption which grew +98.1% in 2020.

There were only two countries that experienced a decline in growth: Argentina at -31.6% and Russia at -3.6%, which both come as a result of a decrease in motor vehicle production figures. It’s also worth pointing out the disruption the pandemic caused to the automotive industry, which may have had a more noticeable impact in some countries than in others. One of the most widely publicised challenges was the global shortage of chips for electric cars, which had a significant impact on supply chains across the globe.

2020 was a challenging year for the banking and finance industry as banks attempted to support their customers and clients through unusually tough financial times while continuing to operate through the lockdown period. Most countries seem to have escaped the year unscathed, with minor peaks and troughs taking place across the globe. One exception to that rule was Argentina, which the model identified as having an outstanding period of growth throughout 2020 at +43.0%, a steady increase from +31.8% it experienced the year earlier. Key drivers included a +85.4% increase in bank nonperforming loans to total gross loans, as well as a +39.4% increase in the lending interest rate and a +22.7% increase in bank capital to assets ratio.

Another exception was Chile, which turned from -2.5% in 2019 to +5.9% in 2020. The country’s lending interest rate grew from -25% in 2019 to +19% in 2020. Countries that saw the most dramatic drop were Nigeria (-16.4%), Angola (-16.2%), and Egypt (-10.4%).

The key driver behind Nigeria’s loss was a sharp drop in the ratio between bank nonperforming loans to total gross loans, which fell by -48%. Angola also experienced the same problem falling -24%, as well as a drop in the ratio between bank capital and assets, which dropped to -18%.

The consumer goods industry experienced strong growth in most countries included in our analysis throughout 2020, and this trend is predicted to have continued throughout 2021. Out of the 30 countries we analysed, 15 experienced above +10% growth.

The clear leaders were Spain at +83.2%, which also experienced strong growth in 2019, and Italy at 70.0%, which dipped from incredibly strong growth in 2019. Japan also had an impressive +33.9% increase, although this comes after a three year average of -45.4%.

In Spain, the number of secure internet servers rose by +58.9% in 2020. This comes at the same time Spanish telecommunications giant, Telefonica, which owns O2, committed to ensure that by 2025 fibre optics will cover one hundred percent of the country, and be a leader in the implementation of 5G technology.

Only five countries in our analysis encountered negative growth, with Algeria (-17.7%), Nigeria (-13.2%) and France (-13.0%) experiencing the largest decline.

4) Technology, Media and Telecommunications (TMT)

2020 was a big year for the technology, media and telecommunications industry, with 26 out of the 30 countries included in our analysis experiencing growth upwards of +10%.

Cuba saw the most growth, with figures averaging at +84.4% following an impressive annual average of +116% growth between 2017 and 2019. The model picked up the sharp number of secured internet servers, which rose by +120.3%, and fixed broadband subscriptions, which rose by +85.6%. India also experienced strong results, growing +82.8% and continuing a strong growth trend that spans across several years. South Korea’s technology, media and telecommunications industry also grew by +59.9%, as did the USA at +49.3% which follows an average annual increase of +49.8% between 2017 and 2019.

Only two countries experienced negative results during 2020. Nigeria’s technology, media and telecommunications industry dropped -31.6%, while Algeria’s dropped -16.3%.

The business and professional services sector experienced mainly positive or neutral results on the global stage. Russia had the highest growth rate by far, growing +63.9% throughout 2020 – a sharp increase from +4.2% the year earlier. The most obvious driver behind this growth was the percentage of firms using banks to finance investment, which rose +86.8%, while the percentage of firms using banks to finance working capital also grew by +46.4%. 

Poland also experienced a rise of +48.3% in 2020, up from -9.4% in 2019. Like Russia, the most obvious driver behind this growth was the percentage of firms using banks to finance investment, which rose +46.5%, while the percentage of firms using banks to finance working capital also grew by +15.2%. Other winners were Indonesia (+25.0%), Columbia (+20.2%) and Peru (+20.6%).

On the other hand, we saw Sweden fall -26.5%, as did India at -26.2%. Both of these countries were impacted by the falling percentage of firms spending on research and development, using banks to finance investment and using banks to finance working capital.