The Australian dollar (AUD) ranks fifth with a 25% increase in GDP between 2020 and 2023. However, the strength of the currency has decreased by 2.20% in the same time period.
That’s according to new research from the experts at City Index, who have analysed countries with the highest GDP and local currency strength against the USD to highlight which currencies have shown the largest growth following the economic disruption caused by the Covid-19 pandemic.
The research looked into the latest data available from IMF.org to rank the 50 largest world economies in terms of GDP growth, and then analysed the currency recovery of the top 28 [1] economies by tracking United Nations data on operational exchange rates against USD.
Currencies that have weakened against USD the most post Covid:
|
Country |
Currency |
Increase in GDP between 2020 and 2023 ($ billion) |
GDP percentage increase % |
[2] Local Currency Operational Exchange Rate (to USD -2020) |
Local Currency Operational Exchange Rate (to USD -2023) |
Currency Strength Change % |
Israel |
Israeli New Shekel (NIS) |
126 |
30% |
3.42 |
3.59 |
-4.73% |
|
Russian Federation |
Russian Ruble (RUB) |
575 |
39% |
73.17 |
76.75 |
-4.67% |
|
United Kingdom |
Great British Pound (GBP) |
452 |
17% |
0.78 |
0.81 |
-3.92% |
|
Indonesia |
Rupiah |
329 |
31% |
14,568.67 |
15,040.82 |
-3.14% |
|
Australia |
Australian Dollar (AUD) |
347 |
25% |
1.45 |
1.48 |
-2.20% |
|
Chile |
Chilean Peso (CLP) |
104 |
41% |
790.75 |
805.73 |
-1.86% |
|
Vietnam |
Vietnamese Dong (VND) |
103 |
30% |
23,227.83 |
23,513.82 |
-1.22% |
|
Canada |
Canadian Dollar (CAD) |
442 |
27% |
1.34 |
1.35 |
-0.36% |
|
China |
Chinese Yuan (CYM) |
4511 |
30% |
6.90 |
6.91 |
-0.12% |
|
UAE |
Dirham (AED) |
150 |
43% |
3.67 |
3.67 |
0.01% |
|
Saudi Arabia |
Riyal (SAR) |
328 |
45% |
3.75 |
3.75 |
0.01% |
|
Switzerland |
Swiss Franc (CHF) |
131 |
18% |
0.93 |
0.91 |
2.48% |
|
Brazil |
Real (BRL) |
605 |
41% |
5.22 |
5.08 |
2.77% |
|
Singapore |
Singapore Dollar (SGD) |
167 |
48% |
1.38 |
1.34 |
3.33% |
|
Mexico |
Mexican Peso (MXN) |
573 |
53% |
21.83 |
18.23 |
19.72% |
The Australian dollar (AUD) ranks fifth with a 25% increase in GDP between 2020 and 2023. However, the strength of the currency has decreased by 2.20% in the same time period.
