Halal Industry Products influence on Current Account in OIC Economics in Asia on 2015-2019
DOI:
https://doi.org/10.21111/jiep.v1i4.2856Keywords:
Halal industry, current account balance, Organisation of Islamic Cooperation (OIC) Asia, Muslim-friendly tourism;Abstract
This study examines the influence of halal industry developments on the currentaccount balance on the economy of Organisation of Islamic Cooperation members inAsia during 2015–2019. Using panel data and estimates of fixed effects of countriesand years, this study correlates current account balances to GDP with halal sectorproxies, namely Muslim-friendly tourism scores and intra-OIC trade indicators,accompanied by standard macro covariates. The results show a positive associationbetween the development of halal services and current accounts, especially throughthe improvement of the service balance in countries with a relatively maturedestination, logistics, and certification ecosystem. In contrast, the impact on thebalance of goods is more heterogeneous and weak in commodity-oriented economies.Resilience tests with a variety of indicators and macro specifications maintain the direction of the main findings. A key limitation is the lack of standardized cross-border indicators of halal certification and export, so that results are read as conditional associations, not causal. Policy implications emphasize strengtheningservice channels, cross-border standardization, and diversification of value-addedmanufacturing in research areasReferences
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