SESRIC launched the 2024 edition of the OIC Economic Outlook report at the 40^th Ministerial Session of the COMCEC, held on 2-5 November 2024 in Istanbul, Republic of Türkiye. H.E. Zehra Zümrüt SELÇUK presented the report’s main highlights during the conference, outlining key economic trends and challenges in OIC countries.

This flagship report of SESRIC, published annually, explores global macroeconomic trends with a focus on the OIC countries as a group and provides a wide range of useful statistics and analyses, including the comparison of OIC countries’ economic performance with other country groups, with the objective of supporting informed decision-making and collaborative policy development. This edition of the report pays special attention to the private sector and SME development in OIC countries.

Following the strong recovery in the aftermath of the pandemic, the global economic growth recorded a moderate growth rate of 3.5% in 2022 and 3.3% in 2023. The global economic growth is anticipated to sustain at around this level in 2024 and 2025, where geopolitical instabilities, inflation and fiscal tightening still predominate as risks to global growth. Experiencing a lower contraction during the pandemic, OIC countries demonstrated a stronger recovery during the first two years of the post-pandemic period. However, in 2023, economic growth in OIC countries moderated to a level that is close to the world average but lower than its long-term average of 4.3%. Although the growth rate is expected to increase over the coming two years to reach 4.2% in 2025, it will continue to remain below its long-term average.

According to the Report, geopolitical instability, inflation and fiscal tightening still predominate as risks to global growth. In the face of these global challenges, many OIC countries continue to struggle in diversifying their economies, improving export competitiveness and reducing inflation rates. Some OIC countries are gaining competitive edge in trade and investment, but more actions are needed to make them sustainable. This requires strategic investment in productive capacities in OIC countries to foster innovation and competitiveness.

Over the past several years, the global economy has felt the profound impact of compounding supply shocks. Facing significant challenges during this period, the private sector and SMEs showed particular resilience and played a crucial role in sustaining economic growth, fostering innovation, and maintaining employment opportunities. Recognizing their pivotal role, this year's OIC Economic Outlook focuses on the essential contributions of the private sector and SMEs, providing a comprehensive understanding of the current challenges and opportunities faced by them, and identifies the strategies needed to overcome existing challenges and unlock their full potential. As discussed throughout the report, the private sector and SMEs face significant obstacles, such as limited access to finance, regulatory hurdles, inadequate infrastructure, and a shortage of skilled labour. Addressing these barriers is critical for fostering a vibrant and sustainable economic environment where SMEs can thrive and expand.

Online Electronic Version

• OIC Economic Outlook 2024 - Supporting Private Sector and SME Development in OIC Countries (English) (Arabic) (French)