PM Imran lauds Pakistan's rank on The Economist's Global Normalcy Index

Prime Minister Imran Khan lauded the country's position on the The Economist’s Global Normalcy Index, where Pakistan ranked third out of 50 countries.

The Economist’s 'normalcy index' ranks countries on their return to pre-pandemic levels, by grading each one across eight indicators: Time not at home, retail, office use, public transport, road traffic, flights, cinema and sports attendance.

The Economist put Pakistan third on its list behind Hong Kong (first) and New Zealand (second).

“With a score of 84.4, Pakistan ranks third among 50 countries tracked by the Economist magazine for return to pre-pandemic life. Pakistan’s neighbor India has a score of 46.5, ranking it near the bottom in 48th position,” stated The Economist report.

The global average for return to pre-pandemic activity is 66.6 on a scale of 0 to 100. The Economist index covers 50 of the world's largest economies that together account for 90% of global GDP and 76% of the world's population.

“Congratulations to NCOC members, Ehsaas team & State Bank of Pakistan for effective response to Covid 19 pandemic; and above all thanks to the mercy of Almighty Allah,” said PM Imran in a tweet post on Wednesday.

Pakistan has been appreciated on various forums for its handling of the coronavirus that began in March last year. The country introduced a number of measures to mitigate the impact of Covid-19 including a relief package worth Rs 1.2 trillion and various other fiscal as well as monetary policies to boost the economy.

The government's implementation of smart lockdowns has also been crucial in helping Pakistan navigate out of a economic slowdown that saw the South Asian economy contract for the first time in over seven decades in fiscal year 2019-20.

WB recognizes Ehsaas Emergency Cash program among world's largest in terms of coverage

Back in May 2021, the World Bank also recognized the Ehsaas Emergency Cash program among the top four social protection interventions globally in terms of the number of people covered. Under the program 110.9 million persons were covered.

‘SBP buoys up economy amid Covid pandemic’

The country's central bank also introduced a number of measures including the implementation of the Regulatory Approval System (RAS), promoting the use of digital payments and schemes such as TERF financing. Following the pandemic, the central bank reduced interest rates from 13.25 percent to 7 percent, and also relaxed loan conditions, providing a much-needed boost to an economy struggling with a widening current account deficit and falling foreign exchange reserves.