Small economies have managed well through the Covid-19 crisis relative to larger economies. Despite the recent cases, Singapore is commonly ranked as a world leader, alongside New Zealand and Taiwan, in having controlled the spread of Covid-19.
In terms of economic outcomes, small advanced economies have outperformed their larger counterparts over the past year. Small advanced economies' gross domestic product (GDP) growth contracted by 3.5 per cent last year, compared with 5 per cent in the Group of Seven large economies.
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