The Organization of Islamic Conference (OIC) is to reveal at a conference in Turkey that only five of the 55 states which are members of the organization are classified as high-income, MENA reported.
While 21 members are in the middle group, the remaining 29 countries are classified as low income.
The Saudi-based Islamic Development Bank presented a report which said that these countries’ economies are highly reliant on developments in the industrial countries since OIC members conduct some 90 percent of their trade with non-OIC members.
Turkish Prime Minister Recep Tayyip Erdogan opened the conference in Istanbul on Tuesday by saying that the Islamic world should become more self-critical. He said that Muslims constitute one-fifth of the world’s population but contribute only 5% of the world’s income.
A report reviewing the economic and social development in OIC members mentioned widespread poverty, lack of adequate health services and a high rate of illiteracy.