Global 'Islamic Economy' will see a rebound by late 2021, says DIEDC. This year will see 8% drop in spending by Muslims on halal products, services.
Event Location
Dubai , Dubai
Start Time
17 November 2020, 12:00 AM
End Time
30 November 2020, 12:00 AM
Dubai Islamic Economy Development Centre (DIEDC) economy report revealed that global spending by Muslims on halal products and services will see a rebound by late next year and create an “Islamic economy” of $2.4 trillion by 2024.
The results of the annual State of the Global Islamic Economy Report 2020-21 stated that Muslims spent $2.02 trillion in categories such as halal food, modest fashion, family-friendly travel and halal pharmaceuticals in 2019. But this year could see an 8 per cent drop due to the outcomes created by the pandemic.
A statement from Dubai Islamic Economy Development Centre (DIEDC) announced that spending across these Islamic economy sectors - excluding family-friendly travel - is forecast to rebound by end-2021.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai said, "The Islamic Economy sector has the potential to lead post-pandemic global economic recovery. The need [is] to take advantage of fresh opportunities that can open new economic horizons and help both the region and the world overcome the repercussions of the pandemic."
DIEDC economy report 2021Global Islamic Economy rebound 2021
