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

OIC Economic Outlook 2017

Source : SESRIC

Category : Statistical

Publish Date : October 31, 2017

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Recent global economic developments and prospects show that world manufacturing and trade activities are strengthening with financing conditions remaining tranquil, and commodity prices being largely stabilized. Global economic growth rate is expected to be recorded at 3.5% by the end of 2017 and projected at 3.6% in 2018. The positive economic outlook for the USA and Euro area in 2017, supported by the strong domestic demand, seems to support the world economic growth. Economic activities in the group of developing countries remain vibrant and, on average, the group is expected to record an increase in economic growth rate that will climb up from 4.5% in 2017 to 4.8% in 2018.

However, though they constitute a substantial part of the group of developing countries, the average economic growth rates of the group of the OIC member countries appear to be negatively affected by declining commodity prices as well as ongoing regional conflicts. Theaverage growth rate of the group of OIC countries is expected to be recorded at 3.2% in 2017, a rate which is slightly below the world average. This implies the need for more effective macroeconomic economic policies with a view to strengthening economic resilience through more coherent structural transformation and economic diversification. Given such a state of affairs, this edition of the “OIC Economic Outlook” Report focuses on the aspects of industrial development for structural transformation in OIC countries. In fact, the industrial policies for structural transformation have been so far a controversial issue for many reasons. Today, however, there is a renewed interest in industrial policy to achieve greater competitiveness in the world economy. This interest is, interestingly, stronger in developed countries than in developing countries. In order to narrow the gap in economic development and reduce the level of economic concentration, OIC countries need to refocus their attention to economic diversification in manufacturing sector.

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