Pakistan on Economist’s Covid Index Ranking

38

Prime Minister Imran Khan praised Pakistan’s position on the global Normalcy index of “The Economist”, where Pakistan ranked third out of 50 countries. The Economist’s ‘normalcy index’ ranks countries on their reoccurrence to pre-pandemic levels, by classifying each one across eight indicators which include, time not at home, retail, office use, public transport, road traffic, flights, cinema, and sports attendance. Recently, The Economist put Pakistan third on its list after 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,” specified by The Economist’s report. The worldwide 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 major economies that together account for 90% of global GDP and 76% of the world’s population. PM Imran khan in a tweet applauded the efforts of NCOC members, Ehsaas team and the state bank of Pakistan in this context.  “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,” he stated in the tweet. It is pertinent to mention that Pakistan has already been valued on numerous forums for its hold of the coronavirus that began in March last year. The country familiarized a number of measures to lessen the impact of Covid-19 including a relief package worth Rs 1.2 trillion and many other initiatives as well to improve the growth of the economy.

The government’s execution of smart lockdowns has also been decisive in serving Pakistan in order to navigate out of an economic slowdown. Back in May 2021, the World Bank also documented the Ehsaas Emergency Cash program among the highest four social safety interventions internationally in terms of the number of people covered. Under this program, 110.9 million persons were covered. On the other hand, the central bank of Pakistan also presented a number of measures including the implementation of the Regulatory Approval System (RAS), endorsing the usage of digital payments and schemes such as TERF financing. Following the pandemic, the central bank abridged interest rates from 13.25 percent to 7 percent, and relaxed loan conditions, providing a much-needed lift to an economy struggling with a spreading current account deficit and falling foreign exchange reserves.

Comments are closed.

Subscribe to Newsletter
close-link