Global Economy is Still Below Pre-Pandemic Level

To track how economic activity has changed over the course of the pandemic, The Economist in 2021 devised a “global normalcy” index. Index employs eight indicators that together track transport use, leisure time and commercial activity for 50 countries, representing 75% of the planet’s population and 90% of its GDP. The index is scaled so that 100 is equivalent to pre-pandemic levels. Worldwide, the index hit an all-time low of 34 points on April 11th 2020, during the first wave of lockdowns.

• Index shows that activity is, by and large, almost back to where it used to be. As of mid-June, the world was at 84% of the pre-pandemic normal. In eight of the 50 countries measured by index, activity is now greater than it was before covid-19 arrived.
• But hidden within these averages are signs of big and seemingly long-term shifts: people are moving about less, especially to stare at screens. In rich countries, offices are about a third less crowded than they were before the pandemic began—and this has not changed much since the end of last year. And whereas people have returned as spectators to professional sports, cinema box-office receipts are still down by 30% compared with 2019. Instead, more time is spent at home.