Economic Growth in Muslim and Non-Muslim Countries During the COVID-19 Pandemic: A Comparative Analysis

Fitri Hastuti, Sarah Annisa Noven, Rayfana Kuntum Abadi


The COVID-19 pandemic has led to an economic downturn, compelling numerous businesses to curtail their production and consumption. In response, countries worldwide have initiated various incentive policies to promote economic recovery. This research delves into the ramifications of the COVID-19 pandemic on the economic growth of selected Muslim and non-Muslim nations. The study employs panel data from 15 member nations of the Organization of Islamic Cooperation (OIC) and 15 members of the Group of Twenty (G20) spanning from 2019 to 2021. Utilizing the Least Square Panel Method approach, it was found that the pandemic has significantly and negatively impacted economic growth across all sampled countries during the testing period, with a confidence level of 95%. Interestingly, non-Muslim countries experienced a more profound impact compared to their Muslim counterparts. Moreover, mobility restriction policies implemented during 2020-2021 negatively affected economic growth, while the COVID-19 mortality rate showed no significant impact. Specifically, these mobility restrictions significantly impeded economic growth in non-Muslim countries at a 99% confidence level but did not significantly affect Muslim countries. The study also revealed that imports had a negative impact on economic growth in Muslim countries at a 95% confidence level. Conversely, inflation positively influenced economic growth in non-Muslim countries with a similar confidence level.


ABSTRAK –Pertumbuhan Ekonomi di Negara Muslim dan non-Muslim pada Masa Pandemi COVID-19: Suatu Analisis Komparatif. COVID-19 telah menyebabkan penurunan ekonomi yang memaksa banyak bisnis mengurangi proses produksi dan tingkat konsumsinya. Sebagai respons, negara-negara yang terdampak kemudian melakukan inisiasi kebijakan insentif untuk mendorong perbaikan ekonomi. Penelitian ini bertujuan untuk mengkaji dampak pandemi COVID-19 terhadap pertumbuhan ekonomi di sejumlah negara-negara Muslim dan Non-Muslim. Studi ini menggunakan data panel dari 15 negara anggota OKI dan 15 negara anggota G20 dari tahun 2019 hingga 2021. Dengan menggunakan pendekatan Least Square Panel Method, kajian ini menunjukkan bahwa secara umum pandemi COVID-19 berdampak negatif dan signifikan terhadap pertumbuhan ekonomi pada tingkat kepercayaan 95% di seluruh negara sampel selama periode pengujian. Ketika diuji secara terpisah, pandemi berdampak lebih besar terhadap negara-negara non-Muslim berbanding dengan negara-negara Muslim. Selanjutnya, kebijakan pembatasan mobilitas berpengaruh negatif dan signifikan terhadap pertumbuhan ekonomi dalam periode 2020-2021, sedangkan tingkat kematian akibat COVID-19 tidak berpengaruh secara signifikan. Secara khusus, kebijakan pembatasan mobilitas mempengaruhi pertumbuhan ekonomi di negara-negara non-Muslim secara signifikan pada tingkat kepercayaan 99% tetapi tidak berpengaruh signifikan di negara-negara Muslim. Selain itu, ditemukan pula bahwa impor secara khusus berpengaruh negatif dan signifikan terhadap pertumbuhan ekonomi di negara-negara muslim sebesar 95%. Selain itu, ditemukan juga bahwa impor secara khusus berpengaruh negatif dan signifikan terhadap pertumbuhan ekonomi di negara-negara muslim pada tingkat kepercayaan 95%, sedangkan inflasi berpengaruh positif dan signifikan terhadap pertumbuhan ekonomi di negara-negara non-muslim pada tingkat kepercayaan 95%.


Islamic economics

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