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  Economics
Muslim economies'' growth rates down to 4.9 pct - report
05/07/2012 | LOC22:00
19:00 GMT
| World News
تصغير الخطالشكل الأساسيتكبير الخط
JEDDAH, July 5 (KUNA) -- The growth rates of Muslim economies have dropped from 5.7 percent in 2010 to 4.9 percent in 2011, a specialized economic report showed on Thursday.
The report of the Islamic Development Bank (IBD) said these economies have been gravely impacted by the struggling global economy, eurozone debt crisis and the political upheavals in the Middle East and North Africa region.
It, however, unveiled that the current account surpluses for the IDB members have jumped from 4 percent of the country's GDP in 2010 to 5.6 percent of the GDP in 2011.
Data also showed foreign debt of member states have eroded from 32 percent of the GDP to only 29.5 percent of the GDP in the corresponding time.
The report added that the global economic recovery still facing major challenges, noting that the global growth rates have plummeted from 5.3 percent in 2010 to roughly 4 percent in 2011.
The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah December 1973.
The purpose of the bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shariah.
There are 56 shareholding member states. On the basis of paid-up capital, major shareholders include: Saudi Arabia, Libya, Iran, Egypt, Kuwait, Turkey, Qatar, UAE and Nigeria.(end) yms.ibi KUNA 052200 Jul 12NNNN
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