Global Islamic Economy to Rebound in 2020/21 with Potential to Drive Post-Pandemic Recovery

Data from the annual State of the Global Islamic Economy Report 2020-21 (the Report), shows an anticipated 8.0% year-on-year (YoY) growth in consumer spending across core Islamic economy sectors (excluding Muslim-friendly travel) in 2020/21. According to the Report, consumer spending is forecast to rise at a 3.1% Compound Annual Growth Rate over 2018/19 through 2023/24 to reach a market size of USD 2.4 trillion at the end of the forecast period, from USD 2.02 trillion in 2018/19.

This rebound follows an expected 8.1% YoY contraction in the current 2019/20 period, with all segments expected to contract due to the impacts of COVID-19. The Report shows that the segments of Halal food and beverages, Cosmetics and Halal fash...