Annual Economic Report on the OIC Countries 2009 Date : 14 October 2009
The Annual Economic Report on the OIC Countries 2009 analyses the trends in the major economic indicators of the OIC countries in the light of both the robust rate of growth in the world economy, which started in the early 2000s and continued until 2007, and the sudden slowdown in world economic activity in 2008 as a result of the global financial crisis, which started in July 2007 due to the sharp downturn in the economy of the United States, initiated by the collapse of the housing market and later by the turmoil in the financial markets. The Report also considers the recent projections which show that the recession in the world economy will continue in 2009 as a result of the current global financial crisis, which is considered as the deepest crisis since World War II.
In this context, the Report devotes a special section on the current global financial crisis, which includes special windows on some related topics to the crisis. The Report also investigates the socio-economic impacts of food prices volatility on OIC countries, particularly during the period when the world economy has witnessed dramatic increase and excessive volatility in prices of all major commodities since 2005 and the upward trend in food prices has picked up the pace in 2007 and reached to the food crisis levels in 2008.
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