Among the top 10 countries showing resilience, Egypt ranked fourth with an index of 88.7 in The Economist’s “Normalcy Index”, showcasing the country’s resilience despite the novel coronavirus (COVID-19) pandemic.
The index tracks behavioural change due to the COVID-19 pandemic that impacted world economies due to socioeconomic challenges over the past year.
Rania Al-Mashat, Minister of International Cooperation, saidthat the index incorporates 50 of the world’s largest economies that make up for 90% of the global GDP, and 76% of the world’s population.
Egypt’s rank in fourth, represents the country’s agility and resilience in its ability to withstand the impact of the health crisis. This has taken place all while maintaining commitment to its own 2030 national agenda and the United Nations (UN)Sustainable Development Goals (SDGs).
Aiming to track lifestyle changes that occurred due to the health crisis, and monitoring what continues to change, The Economist’s “Normalcy Index” consists of eight indicators split into three domains.
The first domain covers transportation and travel and encompasses public transportation, traffic congestion, and number of international and domestic flights. The second domain includes entertainment and addresses how much time is spent outside of the house, cinema box-office revenues, and attendance of professional sports events. Meanwhile, the third domain looks into retail and work, and measures the occupancy of offices.
The Economist’s article explained that the global “Normalcy Index” fell in April 2020 to an index of 35 before gradually improving in the following months. Today, the global index stands at 67, thus indicating that “the world has travelled roughly half of the way back to pre-pandemic life”.
The Egyptian economy’s resilience has been applauded by many international institutions, such as the World Bank and the European Bank for Reconstruction and Development (EBRD). These institutions have applauded the country for achieving positive economic growth rates in the past year, despite global challenges.
It is predicted that the economy will continue to grow in the coming years, paving the way for a return to pre-pandemic levels. This is primarily due to the ongoing major national projects that are being implemented and the economic reforms that took place between 2016 to 2019, all of which cushioned the economy.
