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Research Report

Turkey and the OIC:: Greater Economic Cooperation, Opportunities and Challenges

Bilal Bağış
Çağlar Yurtseven
Copyright Date: May. 1, 2017
Pages: 92
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Table of Contents

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  1. (pp. 3-10)

    Is Turkey’s Muslim identity, its proximity to the Muslim world and its OIC membership an advantage that should be utilized? Does it provide any head start regarding economic, social, technological and cultural development? Are there any potential gains from increased cooperation and solidarity with the rest of the Muslim world? What are the potential opportunities and challenges regarding a future greater economic cooperation and integration among the economies of the Muslim nations? This paper analyzes some fundamental issues regarding Turkey’s potential future economic path and the opportunities awaiting the country. It analyzes possible policy options and implications of various choices...

  2. (pp. 10-31)

    The OIC world is an extremely diverse and intensely colorful world with varying cultural, economic, political and sociological differences. Hence, the authors of this paper are absolutely not aiming at explaining all the aspects of advantages or disadvantages of being part of the OIC club. A single paper would surely not be sufficient to analyze and summarize the full economic and political picture of the Muslim world.

    Moreover, the Muslim world has always been at the heart of world politics and economics, since its emergence in the early 7th century. That said, the predominantly Muslim Middle-East can still be considered...

  3. (pp. 31-35)

    The global financial crisis of 2007-09 was a turning point for the world economy (El-Arian, 2016; King, 2016). The world economy experienced the greatest financial crisis since the Great Depression of the 1930s. The asymmetric nature of the shocks to different world economies makes it different from the comparable crises of the 1930s and of 1907. Meanwhile, as the global economy is transforming and global economy’s equilibrium is shifting (along with the changing nature of the crisis); the subsequent responses are also changing (Bagis, 2017; Pimco, 2015). While fiscal policies were generally consulted during the Great Depression period of the...

  4. (pp. 35-62)

    The question at this point is, what potential areas of cooperation and deeper economic integration are there? Various alternatives will be discussed below, but to give a general idea, we basically build a list of policy recommendations in various areas. These policy suggestions are supported with alternative channels that show which particular areas and mechanisms would provide best use. We aim to point to the potential mechanisms that could be used to achieve greater cooperation and create a union of mutual benefits with such a large portion of the world.

    “Geography is Destiny”


    Turkey is among the top-20 biggest...

  5. (pp. 62-69)

    The world is witnessing a momentous transformation. Europe is dealing with the post-Brexit effects and the USA has just recently kicked off its own USexit. The BRIC economies, in particular China and India, are candidates for becoming new potential rising powers. Meanwhile, financial markets are getting used to the new normal of the post-Great Recession period. But then, to what extent will this transformation process continue? Will Turkey be able to join this club of new players in the international political and economic arena? We believe the answer is entirely dependent upon whether Turkey and the other OIC members will...

  6. (pp. 69-70)

    This paper has provided a summary analysis of the potential areas of cooperation between Turkey and the other OIC member economies. It recommends that Turkey should be one of the countries leading a supranational union of integrated economic and strategic cooperation among the OIC economies. Yet, it should be made clear that we mainly point to alternative measures to improve the efficiency of the OIC. This economic integration and cooperation organization, if you wish to call it as such, should be more intimate than the current examples such as the rich-countries club of the OECD; but, meanwhile should not include...