Financial Outlook of the OIC Member Countries 2017
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In 2016, average global inflation increased slightly to 2.4 percent from 2.1 percent in 2015,
which was the lowest level registered since the global financial crisis. While inflation in the
advanced economies remained below 1 percent in 2016 reflecting the impact of the drop in
global energy prices, it is expected to realize around 2 percent during next three years.
Figure 5: Inflation, Average Consumer Prices (% Change)
Source: IMF WEO April 2017
While the unemployment rates in some large developed countries, including Germany, Japan,
the United Kingdom and the United States, have receded towards or below pre-crisis levels,
most other members of the EU continue to struggle with high unemployment rates.
Unemployment rates are generally low in East Asia, but rising unemployment in parts of South
America, including Argentina, Brazil and Colombia, is raising concerns. Western Asia also
suffers high unemployment, particularly among youth. Youth unemployment is a widespread
global concern, impeding progress towards the SDGs. In 2016, 35 percent of unemployed
people globally were aged 15-24, although this cohort represents only 15 percent of the
world’s labor force.10
According to the latest available data, OIC member countries recorded significantly higher
average unemployment rates compared to the world and non-OIC developing countries during
the period 2000-2015. During this period, total unemployment rates in OIC countries changed
between 8.1% and 7.5%. After the global financial crisis, unemployment rates in developed
countries increased from a level below 6% to over 8%. During the period 2009-2013, average
unemployment rate in developed countries remained higher than the rate in OIC countries. In
2015, OIC countries recorded a rate of 7.5%, while it is estimated at 6.8% in developed
countries.11
10 UN World Economic Situation and Prospects 2017
11 2016 OIC Economic Outlook, SESRIC
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World Advanced Economies Euro Area Emerging Markets and
Developing Economies
2016 2017 2018 2019