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 The Islamic Chamber of Commerce , Industry and Agriculture (ICCIA)

OIC ECONOMIC OUTLOOK 2016

Source : Organisation of Islamic Cooperation

Category : Statistical

Publish Date : December 31, 2016

ABOUT PUBLICATION

Growth in the global economy continues to remain weak in the aftermath of the global financial crises in 2008, which increased only by 3.1% in 2015. The repeated poor performance of the global economy is largely influenced by the sharp decline in commodity prices, economic slowdown in China, negative macroeconomic outlook in Brazil and Russia and increasing concerns about the global security. Furthermore, the uncertainty caused by the decision of UK to leave the EU membership and the tighter financial conditions and large debts in many countries of euro area has further weakened the prospects for the global economic growth. Accordingly, the growth rate of the world economy is predicted to reach 3.2% by the end of the year.

Economic development trajectory of OIC countries has been highly volatile over the last decades, while the resulting development landscape of OIC countries is multifarious. In general, OIC member countries could not sustain long-term growth as developed countries did over the last century. The fact that economic performances of OIC member countries have been relatively weaker than the western countries due to diverse reasons does not imply that OIC countries do not have enough capacity and resources to perform better. It is just a matter of identifying the productive resources and potentials and then developing correct mechanisms and instruments to effectively utilize them in welfare improving economic activities. Each and every country has different resources and potentials to catalyse for their economic development programs. This report followed a broader approach and tried to identify the most common potentials of OIC countries that can be utilized for better economic performance.

This report identified three major factors that can potentially contribute to achieving better economic performance and living standards. These were dynamic population structure, rich energy resources and great market potential. In all these areas, the report provided some preliminary assessment on the significance of these resources and potential contributions that they can make to socio-economic development in OIC countries. It was also noted that reckless consideration of these resources and potentials may equally deteriorate already existing level of development, transforming the potentials into threat rather than strength.

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