Islamophobia smash on France's economy

The controversy started when the French President Emmanuel Macron enraged the Muslim community by speaking in an unimaginably negative way regarding The Prophet Muhammad (P.B.U.H), who is probably the most prominent figure in Isalm.

It’s been more than a week since the controversial statement was made by President Macron and Muslims around the world including those in France have started to revolt against France.

This has resulted in a mass boycott of French products with #BoycottFrenchProducts trending all over social media, especially in the Muslim states, including Pakistan.

French companies have suffered a combined $28B loss in the last few days post the statement. This was caused due to most Muslim investors taking our investments from French companies, a loss of trade with Muslim countries who were big importers of French products, and the decrease in demand for the products which has caused the equilibrium price to decrease.

“With so much uncertainty over the pandemic, it is difficult to say that the boycotts have hit shares of French companies. But boycotting of French goods in the Middle East will only gather pace if the issue is not addressed and this would be a big blow for the nation’s suppliers and retailers, which could hurt their bottom lines and share prices,” Mr. Razaqzada told The National.

From the above tweets, you can get a clear overview that President Macron’s statements haven’t gone down well with the Muslim community. Arab Countries also joined the boycott, since the controversial statement Kuwait and Qatar have already removed all French products from their market.

The Turkish President Tayyab Erdogan also publicly loathed the French President and his government on his intensified yet ignorant statement and urged all Muslim states and people to boycott France.

Javad Zarif, Iran’s foreign minister wrote on Twitter:

PM Imran Khan has also written a letter to Mark Zuckerberg, who’s the owner and founder of Facebook, and urged him to ban Islamophobic content posted on social media sites and applications owned by him, similar to the measures taken against content regarding the Holocaust.

Every religion in the world has its own significance and it’s necessary that all religions are treated with the utmost the respect and honour. Similarly Islam and Muslims should also be freed from the shackles of Islamophobia and their beliefs should be respected too.

This statement has increased political tensions especially from the East and will just e categorized as one of the worst decisions made by the French government. The losses are now amounting in huge numbers and if this boycott lasts, the French economy might suffer further. Since then there have been no developments in the situation, so we suggest you keep an eye out for it.