THE ECONOMIC PERFORMANCE OF THE OIC COUNTRIES IN THE NINETIES AND POLICY OPTIONS

This article provides a comprehensive analysis of the economic performance of the member countries of the Organisation of Islamic Cooperation (OIC) during the 1990s. It examines key macroeconomic indicators, such as GDP growth, trade, and investment, to assess the overall economic trajectory of the Islamic world during this decade. The study identifies the diverse economic structures and performance levels within the OIC, from the oil-rich Gulf states to the least developed countries in Africa and Asia. The research explores the common challenges faced by OIC countries, including dependence on commodity exports and the difficulties of economic diversification. The paper also discusses the progress made in intra-OIC economic cooperation. The analysis concludes by outlining a set of policy options for the OIC to enhance collective economic resilience and promote sustainable development in the new millennium.

The 1990s was a decade of profound global change, marked by the end of the Cold War and the acceleration of globalization. This paper assesses the economic performance of the OIC member countries against this backdrop. The study begins with a macro-level statistical overview, comparing the growth rates of OIC countries with other developing country groups and the world average. It highlights a mixed and often disappointing performance, with many OIC countries lagging behind the more dynamic economies of East Asia. The core of the article is a disaggregated analysis that explores the diverse experiences within the OIC. It contrasts the challenges of the oil-exporting countries, which had to cope with volatile energy prices, with those of the non-oil economies, which struggled with issues of structural adjustment and trade liberalization. The paper also provides a critical assessment of the progress on intra-OIC economic cooperation, arguing that despite numerous declarations and plans, the level of trade and investment among member countries remained disappointingly low. In its concluding section, the paper puts forward a series of policy options. These include a call for greater efforts towards economic diversification, a focus on human capital development through investment in education and technology, and a renewed push to implement meaningful intra-OIC trade and investment agreements, thereby translating the ideal of Islamic solidarity into tangible economic benefits.