(MENAFN) According to economy experts, spending and consumption rates double annually during Ramadan, leading to flourishing local markets and accelerated growth processes. The increased demand for commodities in the holy month acts as a catalyst for the acceleration of the national economy, leading to a boost in the productive forces. The consumption pattern during Ramadan has become a source of strength for the local economy, and a driver for the market, providing businesses with sufficient opportunity to move inventory before the advent of the holy month and make substantial income.
Economist Fawaz Al Hajri stated that purchasing habits during Ramadan stimulate the performance of eight main sectors, directly related to the occasion, such as food products, livestock, textiles and clothing, gifts, sweets and nuts, hotels, restaurants, and beauty salons, as they enjoy higher demand from consumers. These sectors collectively benefit from the season, and their sales double during Ramadan, which reflects positively on them.
Al Hajri also ruled out the notion that the local economy is affected by the policy of reducing working hours during Ramadan, stating that fasting and its duration do not affect productivity. On the contrary, the holy month serves as a catalyst for all operations. He cited the experience of the State of Qatar during the COVID-19 pandemic and during its hosting of the FIFA World Cup Qatar 2022, where manpower and working hours were reduced by up to 80 percent, and production processes were not affected by that. He emphasized that focus and specialization are the decisive factors for productivity, not time as some may think.
Al Hajri believes that Ramadan has a positive impact on the local economy, through the improvement of the consumer purchases index, the increase in the production of the food sector, which improves the operations of the transport sector, retail markets, and the entire industrial sector. Productivity is one of the economic drivers, but it is not the main engine, he said, emphasizing the necessity of sales outlets, channels, and demand for products.
In conclusion, economy experts unanimously agree that Ramadan is a catalyst for the acceleration of the national economy, leading to a boost in the productive forces. The consumption pattern during Ramadan has become a source of strength for the local economy, and a driver for the market, providing businesses with sufficient opportunity to move inventory and make substantial income. Ramadan stimulates the performance of several sectors, leading to a positive impact on the local economy through increased production, improved operations, and increased demand for products.
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