Financial Outlook of the OIC Member Countries 2016
18
includes any financial institution rather than just a bank as it is the case for the measure, bank
accounts per 1,000 adults. The measure takes the population of age 15 and more of which
some considered adolescent rather than adults. Hence, the measure account at formal
institution (% age 15+) also increases the base of population. There are only 2 years of
available data, 2011 and 2014 for this measure. The world average increased in 2014 to 50.5
per cent which is well above the average for all OIC member countries, 30.1 per cent. Between
2011 and 2014, this measure increased for all OIC country groups except OIC-LIG (Figure 11).
Figure 12: Saved any money in the past year (% age 15+)
Source: COMCEC Coordination Office staff estimations by using Global Financial Development Database, World
Bank (2016b).
Saved any money in the past year (% age 15+) shows the percentage of people who saved
money regardless of whether they deposited in a financial institution or not. Hence, this
measure is about demand or funding side of financial services. If there is a saving, then these
excess funds could be channeled into the economy to fund a project or a need of an individual.
The data for this measure is available for 2011 and 2014 only. Percentage of population who
saved the previous year increased more than 15 percentage points for all OIC country groups.
However, only OIC-HIGH has reached a level, 59.7 per cent, above the world average of 53.3
per cent in 2014. Interestingly, percentage of people saved is higher in OIC-LIG than in OIC-
LMIG and OIC-UMIG in 2014 (Figure 12).
Financial Depth 3.2
Financial depth, also termed as size of the financial services, shows in what extent financial
services are in place within the economy. Hence, measures regarding this characteristic are
given compared to the size of the economy, usually Gross Domestic Product (GDP). There are
three measures selected to cover financial depth.
Domestic credit to private sector (% of GDP) shows financial resources provided to private
sector by local financial institutions, relative to the local size of the economy. From 2011 to
2014, there is generally an increasing trend in this measure among OIC country groups. Levels
of this measure in 2011-2014 are higher in all years for OIC-UMIG and OIC-HIGH and lower in
all years for OIC-LIG and OIC-LMIG compared to the world averages (Figure 13).
0
10
20
30
40
50
60
OIC-LIG
Average
OIC-LMIG
Average
OIC-UMIG
Average
OIC-HIGH
Average
OIC
Average
World
30,3
27,3 26,4
44,6
30,0 31,5
50,2
42,9
45,7
59,7
47,2
53,3
2011
2014