Muslim expenditure in global Islamic economy to fall 8% in 2020 due to COVID-19 - study
The COVID-19 pandemic will result in an estimated 8% decrease in Muslim expenditure between 2019 and 2020 in the Islamic economy sectors ex-finance, according to the State of the Global Islamic Economy 2020/21 report from DinarStandard.
The report estimates Muslims spent $2.02 trillion in 2019 across the food, pharmaceutical, cosmetics, fashion, travel and media/recreation sectors, up 3.2% from 2018.
For 2020, the annual study estimates the steepest drop in expenditure will be in the travel sector where Muslim spend will fall from $194 billion in 2019 to $58 billion in 2020.
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