In a year that will go down in history, the COVID-19 pandemic set off an unprecedented chain reaction of global economic disruption. Businesses, investors, and governments across the global and Islamic economy found themselves embroiled in a financial crisis.
Some used this disruption to pivot, while some businesses flourished. This eighth edition of the State of the Global Islamic Economy Report covers developments over this landmark year pre- and post-COVID-19.
This year’s report estimates that Muslims spent $2.02 trillion in 2019 across the food, pharmaceutical, cosmetics, fashion, travel and media/recreation sectors, all of which are impacted by Islamic faith-inspired ethical consumption needs. This spending reflects a 3.2% year-on-year growth from 2018.
In addition, Islamic finance assets were estimated to have reached $2.88 trillion in 2019. The pandemic is forecasted to result in an 8% decrease in global Muslim spending in 2020 for the Islamic economy sectors covered in this report. All of these sectors, except travel, are expected to return to pre-pandemic spend levels by the end of 2021. Muslim spend is forecasted to reach $2.4 trillion by 2024 at a 5-year Cumulative Annual Growth Rate (CAGR) of 3.1%.
Next days we will leave you the report with the information of our collaboration.