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The Stallion

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Writer's pictureThe Stallion

Eid and the Economy

The bloom due to Eid

Once a devout man took a leap of faith, and on His orders decided to sacrifice his most precious possession, his son. His unswerving allegiance was rewarded and his son’s neck was replaced by that of a lamb. Yes, I am talking about Ibrahim (AS) and his son Ishmael and the day known as Eid-Ul-Azha .

From a religious point of view it is a day that confirms faith and is therefore a blessed one. Indeed, this Eid brings to us much memories and is one of its graces that fall on the economy of countries .

To start with, Eid ul azha corresponding with the holy Hajj . It is estimated that each year around 126,000 people emigrate from Bangladesh for this sacred purpose. Last year, around two million people arrived at Saudi for hajj alone.

If you were to calculate the amount of money that a person typically spends within the country, it would be clear as day that Hajj and the corresponding Eid is an obvious boom for the economy.

In 2014, an economist claimed that Saudi gets $8.5 billion dollar from hajj only. As a matter of fact, Hajj revenue makes up 3% of Saudi GDP and is one of its major source of foreign income.

Saudi Arab however is not the sole receiver of such benefits arising from this auspicious occasion .In countries like Bangladesh where Eid is quite a big affair, extravagant gifts are bestowed holiday. Due to hajj and Eid ul Azha, Bangladesh government creates seasonal jobs, which increases employment. Thereby this reduces poverty at a small portion, through redistribution of income . Moreover, due to a 6 % rise in economic growth of the country , the purchasing power of people will have increased greatly. As a result, it is predicted that more cattle slaughtering will take place this year which will boost the income of the stockmen .

Not to mention , the transportation sector will also face improvements as the new condition will enable more people to catch a ride back to their hometown at the time of Eid. However, it is also noticeable that due to a large demand of bus fares, a large spike in the pricing has led to overpricing of tickets in the market. This allows the manager of transportation to take advantage of the festival misleading the customers to purchase the tickets at a greater price. In addition to that , the market for household products such as spices and refrigerators also see a rise in sale during this time of the year , making it merrier for general working people .

Although there will always remain some drawbacks to all of these, no one can deny the magical sensation of Eid. At the end of the day, Eid is a day to celebrate and spread happiness amongst family and friends which also happens to provide the economy with a bit of boost as well.

Tasnim Gulzar

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