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Global Islamic economy thriving: Malaysian PM
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President Joko "Jokowi" Widodo in his remarks at the 12th World Islamic Economic Forum (WIEF) highlighted the importance of innovation and demographics in Muslim-populated countries as fundamental strengths to face global challenges. (thejakartapost.com/Ayomi Amindoni)
T
he economies of Muslim countries remain resilient, growing at almost double the global rate in 2015, despite uncertainties and a sluggish global economic recovery. Muslim consumer spending is set to reach US$2.6 trillion in 2020.
Malaysian Primie Minister Najib Tun Abdul Razak said gross domestic product (GDP) growth in the ASEAN region was robust at 4.5 percent last year. Despite prevailing global uncertainties, he expected Muslim countries to grow marginally higher in 2016.
"The global Islamic economy is thriving. More Muslims are becoming increasingly active by playing their part as investors and manufacturers, bankers and traders, competitors and suppliers," Najib said in the opening remarks of the 12th World Islamic Economic Forum (WIEF) at the Jakarta Convention Center on Tuesday.
Najib explained that the pace of recovery in the European Union (EU) bloc since 2008 had been sluggish, leading to a lower GDP than its pre-crisis level. The UK’s decision to leave the EU has added new uncertainties to the region.
"In contrast, ASEAN’s economic growth has been rapid and stable since 2000. It recorded a combined GDP of $2.6 trillion in 2015, making it collectively the seventh largest economy in the world," Najib said, adding that the region had become a major global hub for manufacturing and trade and also one of the fastest growing consumer markets in the world.
He further said Muslim consumer spending had been rising in the wake of greater demand for sharia finance, investment, insurance services, halal food, modest fashion and halal tourism. (ags)
