Spending and consumption rates double annually in Ramadan, and the local markets flourish as a result, as the holy month moves its cycle and accelerates its growth processes, as confirmed by economists in their response to a question by Qatar News Agency (QNA) about the repercussions of entering the holy month on the national economy. Ramadan is a catalyst for its haste, and the increased demand for commodities is a motive for the productive forces, which are not disrupted, and will not be affected at all by the nature and duration of fasting.
The Ramadan consumption pattern has become a source of strength for the local economy, and an engine for the market, in which it finds sufficient opportunity to sell the stored commodities before the advent of the holy month, in which the commercial movement achieves a good income, which reflects positively on its basic components, especially since production is not the only engine for any economy, and most importantly From their point of view, it is the marketing of products, and this can only be achieved by a strong demand for goods, and this, of course, is provided by the month of Ramadan.
And with his advent, the local market witnesses annually, like other Arab and Islamic markets, a huge consumer season, which activates the entire economy, while countries may pump millions of dollars, and perhaps billions, to move their dormant markets, seeking to get out of the cycle of stagnation, slow growth and deflation, and attract the attention of consumers to it.
The purchasing habits accompanying the month, such as Ramadan tables, Eid clothes and gifts, usually stimulate the performance of 8 main sectors, directly related to the occasion, foremost of which is the food products sector, livestock, textiles and clothing, gifts, sweets and nuts, hotels, restaurants, beauty salons and other products. , which we accept during Ramadan and Eid, as these sectors collectively benefit from the season, and their sales double, according to economist Mr. Fawaz Al-Hajri, who confirmed that Ramadan reflects positively on them.
As for the local economy being affected by the policy of reducing working hours, Al-Hajri ruled that out, saying: "Fasting and its duration do not affect productivity. On the contrary, the holy month is a catalyst for all its operations".
He cited the experience of the State of Qatar during its dealings with the COVID-19 pandemic, and during its hosting of the FIFA,Football,Soccer,Football,Soccer World Cup Qatar 2022, as manpower and working hours were reduced by up to 80 percent, and production operations were not affected by that, and things went well. The reduction does not harm the employee’s productivity because it is the same, whether it is in Ramadan or at other times. Focus and specialization are the decisive factors, not time as some think.
Productivity, from his point of view, is one of the economic engines, but it is not the main engine, and for its continuity it is necessary to find outlets for sale and channels for the exchange of goods, otherwise it will accumulate and stagnate later, if there is no demand that absorbs its outputs. Al-Hajri believes that Ramadan has a positive impact on the local economy, through an improvement in the purchases index "consumers"And the increase in the production of dairy companies, vegetables, fruits and dates, which improves the operational operations of the transport sector, retail markets such as consumer associations, and the entire industrial sector.
What is required is how to manage the amount of consumption in the long term, especially since its volume in Ramadan may activate economic inputs throughout the year. In this regard, expert and financial analyst Mr. Walid Al-Fuqaha stresses the positive and direct effects of Ramadan on Islamic economies, the most important of which is the high volume of spending among individuals, which raises demand. on products, and helps drive growth, especially since most of our economies are of a consumer nature, and this in turn supports the business sector for small and medium start-up companies, especially food, beverages, hospitality, and services, and these sectors have a general impact on the economy, and a significant contribution in gross domestic product.
Economists point out the difference in the impact of the holy month on the economy of each country based on the structure of its existing economy.
The competition and offers presented by companies to attract citizens to buy their products may push them to reduce their prices, especially in the second half of Ramadan. In this context, economists stress that increasing demand for goods and services accelerates economic growth and provides new job opportunities, and this will be in the interest of Companies, in terms of higher revenues, as a result of increased sales, which will generate more profits.
The shopping movement is not the only one that thrives in Ramadan, as the flavors of the month are directly reflected in all the economies of Arab and Islamic countries, according to businessman Hassan al-Hakim, who expected the local market to continue its momentum and double its gains in the current Ramadan, as a result of the record growth of the movement. purchasing.
He pointed to what remote work has achieved, during the previous period, in filling any deficiencies that may hinder the progress of production processes and their chains, in addition to that, the majority of projects today are managed electronically, including the conclusion of contracts, commercial deals, etc., which are no longer restricted to working hours and days. work, and has become more flexible and dynamic than before.
