Economic Potential of the Islamic World (Nominal GDP)

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Current Status:— The global Muslim economy is worth $6.7 trillion[1] with a Muslim-country demographic of around 1.28 billion.[2] The GDP (nominal) would rank Muslims 3rd globally, before China ($9.4 trillion[3] with a population of 1.3 billion[4]) and the United States ($16 trillion[5] with a population of 317.6 million[6]).[2] Hindu-majority India would rank fourth with $1.75 trillion,[7] who's population is around 1.2 billion.[8] Despite the challenges of poverty, war, foreign invasions, genocides, violent and ideological Islamophobia, Islamism, civil wars and famine, Muslim economies have far outpaced the world GDP significantly since 1980 in terms of growth;[2] with particular strong performers being Qatar, Malaysia, Turkey, Indonesia, Egypt and Pakistan, far outpacing the average 6.4 times GDP multiplier of non-Muslim countries.[2] Qatar in particular has grown twenty-two times since 1980, with Malaysia, Turkey and Indonesia at approximately some eleven times, and Egypt approximately ten times, closely followed by Pakistan at around nine times.[2] Iran is especially notable growing from a 1979 GDP of $80 billion in 1979 to over $552 billion in 2012.[9] Pakistan's is also particularly notable, not only for it's growth, but it's resilience in the face of war.[10] According to a recent 2012 Dawn editorial analyzing non-oil sales, an author claimed the nominal GDP only made up $1.5 trillion dollars for the Muslim world;[2] although the report erroneously claimed Indonesia's economy was largely oil based.[2]

Jakarta, Indonesia. Predicted as the first Muslim trillion dollar economy by 2014-2015.
They represent the most important Muslim economies of the 21st Century.

Trillion Dollar Club:— No Islamic economy has so far achieved status as a trillion dollar GDP club nation as of 2014. However according to the International Monetary Fund (IMF), Indonesia will have achieved a nominal GDP of $1 trillion by 2016, and is also expected to grow to $1.9 trillion by 2020.[11] Turkey itself is also expected to achieve trillion dollar status in 2016.[12] Saudi Arabia will also achieve growth figures the closest to the trillion dollar mark with a GDP of around $870 billion by 2018.[12] Significantly the smaller Malaysian economy will also reach the halfway mark around this time with a nominal GDP of around $444 billion, as will the United Arab Emirates with a nominal GDP of $468 billion dollars.[12] Iran and Egypt closely follow behind with $434 billion and $410 billion.[12] Iraq will then follow with an economy the size of $342 billion dollars.[12] Qatar, already producing well beyond it's per capita GDP will have an economy worth $267 billion.[12] In South Asia, Bangladesh will surge ahead in achieving close to the quarter-trillion dollar mark with $231 billion dollars.[12] Pakistan meanwhile with come close to the $300 billion mark with $290 billion dollars.[12] Interestingly, by 2050 Turkey ($5.032 trillion dollars[13]), Indonesia ($6.346 trillion dollars[13]), and Saudi Arabia ($3.09 trillion dollars[13]) in total are predicted to have a combined GDP (PPP) of $14.47 trillion dollars with a demographic of 425-429 million.[14][15]

Present Strength:— The per capita GDP income of Germany can be used as a base for scaling up the potential of Islamic economies, were they as productive as Germany. Currently the Islamic economies generate a total nominal GDP of approximately $6.245 trillion dollars; larger than every single economy in the world except China and the United States. This is further corroborated by evidence from research commissioned by the Dubai government. However this report includes Muslims globally even if in a minority (such as India); and claims that the combined nominal GDP is actually worth $6.7 trillion dollars. Such evidence was published just before the Global Islamic Economy Summit was to take place in November 2013. The true potential GDP is however around 9.4 times the size of the current nominal GDP. If each Islamic country was as highly productive as Germany the combined GDP would sky-rocket to around $59.012 trillion dollars. Currently the per capita income GDP for the Muslim majority world is approximately $4,860 dollars, compared to Germany's $44,925 dollars. Demographics and GDP per capita-wise this is much better than India (a country with the same size population of the Muslim majority nations), where there are 1.237 billion people on an income of less than $1,490. The richest economic potential comes from Indonesia (with $11.3 trillion), Pakistan ($8.2 trillion), Bangladesh ($7.1 trillion), Egypt ($3.7 trillion), Iran ($3.5 trillion) and Turkey ($3.4 trillion) if all conditions are met in order to equalize their productivity with their German peers.

The Islamic world (majority Muslim nations) shown as one country. It generates between $6.2-6.7 trillion dollars per year.
Jakarta, Indonesia. Predicted as the first Muslim trillion dollar economy by 2014-2015.

Current Status:— The global Muslim economy is worth $6.7 trillion[1] with a Muslim-country demographic of around 1.28 billion.[2] The GDP (nominal) would rank Muslims 3rd globally, before China ($9.4 trillion[3] with a population of 1.3 billion[4]) and the United States ($16 trillion[5] with a population of 317.6 million[6]).[2] Hindu-majority India would rank fourth with $1.75 trillion,[7] who's population is around 1.2 billion.[8] Despite the challenges of poverty, war, foreign invasions, genocides, violent and ideological Islamophobia, Islamism, civil wars and famine, Muslim economies have far outpaced the world GDP significantly since 1980 in terms of growth;[2] with particular strong performers being Qatar, Malaysia, Turkey, Indonesia, Egypt and Pakistan, far outpacing the average 6.4 times GDP multiplier of non-Muslim countries.[2] Qatar in particular has grown twenty-two times since 1980, with Malaysia, Turkey and Indonesia at approximately some eleven times, and Egypt approximately ten times, closely followed by Pakistan at around nine times.[2] Iran is especially notable growing from a 1979 GDP of $80 billion in 1979 to over $552 billion in 2012.[9] Pakistan's is also particularly notable, not only for it's growth, but it's resilience in the face of war.[16] According to a recent 2012 Dawn editorial analyzing non-oil sales, an author claimed the nominal GDP only made up $1.5 trillion dollars for the Muslim world;[2] although the report erroneously claimed Indonesia's economy was largely oil based.[2]

They represent the most important Muslim economies of the 21st Century.

Trillion Dollar Club:— No Islamic economy has so far achieved status as a trillion dollar GDP club nation as of 2014. However according to the International Monetary Fund (IMF), Indonesia will have achieved a nominal GDP of $1 trillion by 2016, and is also expected to grow to $1.9 trillion by 2020.[11] Turkey itself is also expected to achieve trillion dollar status in 2016.[12] Saudi Arabia will also achieve growth figures the closest to the trillion dollar mark with a GDP of around $870 billion by 2018.[12] Significantly the smaller Malaysian economy will also reach the halfway mark around this time with a nominal GDP of around $444 billion, as will the United Arab Emirates with a nominal GDP of $468 billion dollars.[12] Iran and Egypt closely follow behind with $434 billion and $410 billion.[12] Iraq will then follow with an economy the size of $342 billion dollars.[12] Qatar, already producing well beyond it's per capita GDP will have an economy worth $267 billion.[12] In South Asia, Bangladesh will surge ahead in achieving close to the quarter-trillion dollar mark with $231 billion dollars.[12] Pakistan meanwhile with come close to the $300 billion mark with $290 billion dollars.[12] Interestingly, by 2050 Turkey ($5.032 trillion dollars[13]), Indonesia ($6.346 trillion dollars[13]), and Saudi Arabia ($3.09 trillion dollars[13]) in total are predicted to have a combined GDP (PPP) of $14.47 trillion dollars with a demographic of 425-429 million.[14][15]

The Islamic world (majority Muslim nations) shown as one country. It generates between $6.2-6.7 trillion dollars per year.

Present Strength:— The per capita GDP income of Germany can be used as a base for scaling up the potential of Islamic economies, were they as productive as Germany. Currently the Islamic economies generate a total nominal GDP of approximately $6.245 trillion dollars; larger than every single economy in the world except China and the United States. This is further corroborated by evidence from research commissioned by the Dubai government. However this report includes Muslims globally even if in a minority (such as India); and claims that the combined nominal GDP is actually worth $6.7 trillion dollars. Such evidence was published just before the Global Islamic Economy Summit was to take place in November 2013. The true potential GDP is however around 9.4 times the size of the current nominal GDP. If each Islamic country was as highly productive as Germany the combined GDP would sky-rocket to around $59.012 trillion dollars. Currently the per capita income GDP for the Muslim majority world is approximately $4,860 dollars, compared to Germany's $44,925 dollars. Demographics and GDP per capita-wise this is much better than India (a country with the same size population of the Muslim majority nations), where there are 1.237 billion people on an income of less than $1,490. The richest economic potential comes from Indonesia (with $11.3 trillion), Pakistan ($8.2 trillion), Bangladesh ($7.1 trillion), Egypt ($3.7 trillion), Iran ($3.5 trillion) and Turkey ($3.4 trillion) if all conditions are met in order to equalize their productivity with their German peers.

Nominal GDP Scaled to Germany

//Islamic Economies scaled to German Productivity (2014)
Country Demographic Nominal GDP (2014)[12] Per Capita Per Capita Target (Germany)[17] Size Smaller (w.r.t Germany) Nominal GDP Target % Achieved
Azerbaijan 9,258,000 $87,051,000,000 $9,403 $45,925.27 4.9 $425,176,149,660 20
Turkey 74,997,100 $851,434,000,000 $11,353 $45,925.27 4.0 $3,444,262,066,717 25
Pakistan 179,160,100 $229,927,000,000 $1,283 $45,925.27 35.8 $8,227,975,965,727 3
Indonesia 246,842,200 $863,208,000,000 $3,497 $45,925.27 13.1 $11,336,294,682,394 8
Malaysia 29,239,900 $324,530,000,000 $11,099 $45,925.27 4.1 $1,342,850,302,273 24
United Arab Emirates 9,205,700 $403,918,000,000 $43,877 $45,925.27 1.0 $422,774,258,039 96
Saudi Arabia 28,287,900 $746,819,000,000 $26,401 $45,925.27 1.7 $1,299,129,445,233 57
Iran 76,424,400 $408,197,000,000 $5,341 $45,925.27 8.6 $3,509,811,204,588 12
Egypt 80,721,900 $275,748,000,000 $3,416 $45,925.27 13.4 $3,707,175,052,413 7
Algeria 38,481,700 $219,204,000,000 $5,696 $45,925.27 8.1 $1,767,282,462,559 12
Morocco 32,521,100 $111,744,000,000 $3,436 $45,925.27 13.4 $1,493,540,298,197 7
Qatar 2,050,500 $209,853,000,000 $102,342 $45,925.27 0.4 $94,169,766,135 ACHIEVED
Bahrain 1,317,800 $29,075,000,000 $22,063 $45,925.27 2.1 $60,520,320,806 48
Bangladesh 154,695,400 $158,433,000,000 $1,024 $45,925.27 44.8 $7,104,428,012,758 2
Uzbekistan 29,774,500 $59,121,000,000 $1,986 $45,925.27 23.1 $1,367,401,951,615 4
Iraq 32,578,200 $238,753,000,000 $7,329 $45,925.27 6.3 $1,496,162,631,114 16
Afghanistan 29,824,500 $21,764,000,000 $730 $45,925.27 62.9 $1,369,698,215,115 2
Yemen 23,852,400 $42,752,000,000 $1,792 $45,925.27 25.6 $1,095,427,910,148 4
Tunisia 10,777,500 $51,741,000,000 $4,801 $45,925.27 9.6 $494,959,597,425 10
Mauritiana 3,796,100 $4,232,000,000 $1,115 $45,925.27 41.2 $174,336,917,447 2
Tajikstan 8,009,000 $9,221,000,000 $1,151 $45,925.27 39.9 $367,815,487,430 3
Maldives 338,442 $2,566,000,000 $7,582 $45,925.27 6.1 $15,543,040,229 17
Niger 17,157,000 $8,046,000,000 $469 $45,925.27 97.9 $787,939,857,390 1
Comoros 717,503 $707,000,000 $985 $45,925.27 46.6 $32,951,519,001 2
Djibouti 859,652 $1,585,000,000 $1,844 $45,925.27 24.9 $39,479,750,206 4
Libya 6,154,600 $94,327,000,000 $15,326 $45,925.27 3.0 $282,651,666,742 33
Senegal 13,726,000 $16,563,000,000 $1,207 $45,925.27 38.1 $630,370,256,020 3
Gambia 1,791,200 $937,000,000 $523 $45,925.27 87.8 $82,261,343,624 1
Turkmenistan 5,172,900 $47,207,000,000 $9,126 $45,925.27 5.0 $237,566,829,183 20
Mali 14,853,600 $12,673,000,000 $853 $45,925.27 53.8 $682,155,590,472 2
Kosovo 1,870,100 $7,368,000,000 $3,940 $45,925.27 11.7 $85,884,847,427 9
Kyrgyzstan 5,607,200 $7,966,000,000 $1,421 $45,925.27 32.3 $257,512,173,944 3
Oman 3,314,000 $83,999,000,000 $25,347 $45,925.27 1.8 $152,196,344,780 55
Kuwait 3,250,500 $188,000,000,000 $57,837 $45,925.27 0.8 $149,280,090,135 ACHIEVED
Guinea 11,451,300 $7,094,000,000 $619 $45,925.27 74.1 $525,904,044,351 1
Albania 3,162,100 $13,981,000,000 $4,421 $45,925.27 10.4 $145,220,296,267 10
Sierra Leone 5,978,700 $5,390,000,000 $902 $45,925.27 50.9 $274,573,411,749 2
Sudan 37,195,300 $56,595,000,000 $1,522 $45,925.27 30.2 $1,708,204,195,231 3
Lebanon 4,424,900 $45,464,000,000 $10,275 $45,925.27 4.5 $203,214,727,223 22
Burkina Faso 16,460,100 $13,187,000,000 $801 $45,925.27 57.3 $755,934,536,727 2
Kazakhstan 16,791,400 $252,000,000,000 $15,008 $45,925.27 3.1 $771,149,578,678 33
Chad 12,448,200 $15,650,000,000 $1,257 $45,925.27 36.5 $571,686,946,014 3
Brunei 412,238 $16,833,000,000 $40,833 $45,925.27 1.1 $18,932,141,454 89
TOTAL 1,284,952,835 $6,244,863,000,000 - - - $59,011,805,884,641 11
FINAL TOTAL 1,284,952,835 $6,244,863,000,000 $4,860 $45,925.27 9.4 $59,011,805,884,640 9
//Islamic Economies scaled to German Productivity (2018)
Country Demographic Nominal GDP (2018)[12] Per Capita Per Capita Target (Germany)[17] Size Smaller (w.r.t Germany) Nominal GDP Target % Achieved
Azerbyjan 9,258,000 $129,633,000,000 $14,002 $53,874.00 3.8 $498,765,492,000 26
Turkey 74,997,100 $1,279,825,000,000 $17,065 $53,874.00 3.2 $4,040,393,765,400 32
Pakistan 179,160,100 $290,045,000,000 $1,619 $53,874.00 33.3 $9,652,071,227,400 3
Indonesia 246,842,200 $1,211,982,000,000 $4,910 $53,874.00 11.0 $13,298,376,682,800 9
Malaysia 29,239,900 $443,471,000,000 $15,167 $53,874.00 3.6 $1,575,270,372,600 28
United Arab Emirates 9,205,700 $467,623,000,000 $50,797 $53,874.00 1.1 $495,947,881,800 94
Saudi Arabia 28,287,900 $870,977,000,000 $30,790 $53,874.00 1.7 $1,523,982,324,600 57
Iran 76,424,400 $433,642,000,000 $5,674 $53,874.00 9.5 $4,117,288,125,600 11
Egypt 80,721,900 $409,796,000,000 $5,077 $53,874.00 10.6 $4,348,811,640,600 9
Algeria 38,481,700 $242,965,000,000 $6,314 $53,874.00 8.5 $2,073,163,105,800 12
Morocco 32,521,100 $151,946,000,000 $4,672 $53,874.00 11.5 $1,752,041,741,400 9
Qatar 2,050,500 $267,108,000,000 $130,265 $53,874.00 0.4 $110,468,637,000 ACHIEVED
Bahrain 1,317,800 $33,904,000,000 $25,728 $53,874.00 2.1 $70,995,157,200 48
Bangladesh 154,695,400 $230,762,000,000 $1,492 $53,874.00 36.1 $8,334,059,979,600 3
Uzbekistan 29,774,500 $78,110,000,000 $2,623 $53,874.00 20.5 $1,604,071,413,000 5
Iraq 32,578,200 $341,769,000,000 $10,491 $53,874.00 5.1 $1,755,117,946,800 19
Afghanistan 29,824,500 $27,653,000,000 $927 $53,874.00 58.1 $1,606,765,113,000 2
Yemen 23,852,400 $49,215,000,000 $2,063 $53,874.00 26.1 $1,285,024,197,600 4
Tunisia 10,777,500 $69,365,000,000 $6,436 $53,874.00 8.4 $580,627,035,000 12
Mauritiana 3,796,100 $6,423,000,000 $1,692 $53,874.00 31.8 $204,511,091,400 3
Tajikstan 8,009,000 $13,079,000,000 $1,633 $53,874.00 33.0 $431,476,866,000 3
Maldives 338,442 $3,708,000,000 $10,956 $53,874.00 4.9 $18,233,224,308 20
Niger 17,157,000 $11,106,000,000 $647 $53,874.00 83.2 $924,316,218,000 1
Comoros 717,503 $960,000,000 $1,338 $53,874.00 40.3 $38,654,756,622 2
Djibouti 859,652 $2,239,000,000 $2,605 $53,874.00 20.7 $46,312,891,848 5
Libya 6,154,600 $147,075,000,000 $23,897 $53,874.00 2.3 $331,572,920,400 44
Senegal 13,726,000 $22,866,000,000 $1,666 $53,874.00 32.3 $739,474,524,000 3
Gambia 1,791,200 $1,255,000,000 $701 $53,874.00 76.9 $96,499,108,800 1
Turkmenistan 5,172,900 $81,756,000,000 $15,805 $53,874.00 3.4 $278,684,814,600 29
Mali 14,853,600 $17,973,000,000 $1,210 $53,874.00 44.5 $800,222,846,400 2
Kosovo 1,870,100 $9,288,000,000 $4,967 $53,874.00 10.8 $100,749,767,400 9
Kyrgyzstan 5,607,200 $10,784,000,000 $1,923 $53,874.00 28.0 $302,082,292,800 4
Oman 3,314,000 $95,133,000,000 $28,706 $53,874.00 1.9 $178,538,436,000 53
Kuwait 3,250,500 $207,664,000,000 $63,887 $53,874.00 0.8 $175,117,437,000 119
Guinea 11,451,300 $11,773,000,000 $1,028 $53,874.00 52.4 $616,927,336,200 2
Albania 3,162,100 $17,606,000,000 $5,568 $53,874.00 9.7 $170,354,975,400 10
Sierra Leone 5,978,700 $7,812,000,000 $1,307 $53,874.00 41.2 $322,096,483,800 2
Sudan 37,195,300 $63,552,000,000 $1,709 $53,874.00 31.5 $2,003,859,592,200 3
Lebanon 4,424,900 $58,495,000,000 $13,220 $53,874.00 4.1 $238,387,062,600 25
Burkina Faso 16,460,100 $19,237,000,000 $1,169 $53,874.00 46.1 $886,771,427,400 2
Kazakhstan 16,791,400 $397,063,000,000 $23,647 $53,874.00 2.3 $904,619,883,600 44
Chad 12,448,200 $19,643,000,000 $1,578 $53,874.00 34.1 $670,634,326,800 3
Brunei 412,238 $19,328,000,000 $46,886 $53,874.00 1.1 $22,208,910,012 87
TOTAL 1,284,952,835 $8,275,609,000,000 - - - $69,225,549,032,790 12
FINAL TOTAL 1,284,952,835 $8,275,609,000,000 $6,440 $53,874.00 8.4 $69,225,549,032,790

Sources

References

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  16. ^ Pakistan: The Untold Story. World Bank. Link Retrieved 29 June 2014.
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