Ramadan, the holy month of fasting observed by Muslims, acts as a catalyst for economic growth and social change in our country, unlocking its enormous potential across various industries.
During Ramadan, households significantly increase consumption, primarily of essential goods such as food, clothing, and religious items, often accompanied by price hikes. However, this surge in demand not only stimulates output but also creates job opportunities, as rising purchasing power drives economic activity.
Contrary to popular belief, fasting during Ramadan can enhance workplace efficiency. Fasting instils discipline, improves time management, and fosters heightened spiritual focus in individuals, enabling better performance and contributing to higher productivity and organisational efficiency. Moreover, the health benefits of fasting result in reduced healthcare expenses for both individuals and the government. Improved digestion, weight control, and stress management lead to lower medical costs, freeing up resources for other developmental endeavours.
Ramadan fosters a strong spirit of social cooperation and philanthropy within communities. Muslims nationwide willingly donate to assist the disadvantaged, promoting social equality and alleviating poverty through acts of kindness and compassion. Additionally, the month of Ramadan attracts visitors and religious pilgrims drawn to our country's rich cultural history and spiritual significance.
In essence, 'Ramadanomics' highlights the benefits of fasting, transcending religious barriers to promote economic growth, nurture social cohesion, and pave the way for a brighter future for all.
Nafisa Tasfia
Student
North South University
nafisa.tasfia@northsouth.edu