TORONTO, Canada – The 57 countries that form the Organization for Islamic Cooperation (OIC) account for 23% of world population, yet less than 11% of the world’s GDP.
A study from the University of Toronto’s Rotman School of Management and the Saudi-based Madinah Institute for Leadership and Entrepreneurship compared Muslim countries with the rest of the world. The study showed that as a group the OIC countries:
* have average incomes which are less than half the world average;
* rank below global averages on institutional development, including voice and accountability, political stability, government effectiveness, regulatory quality, rule of law and control of corruption;
* rank unfavorably on the ease of doing business;
* lag world averages on education, particularly among females;
* not only significantly lag developed markets on R&D efforts, but also lag other developing nations.