Have you ever wondered about the top 10 Muslim economies worldwide in terms of GDP? What are their major exports and imports? What challenges do these economies face, and where do they rank globally?
As of 2024, no Muslim country ranks among the world’s top 10 economies. This article provides insights into the economic landscapes of these nations, their key industries, and the obstacles they encounter.
What is Gross Domestic Product (GDP)?
According to the definition cited by the IMF, GDP “stands for gross domestic product. It is often cited in newspapers, on television news, and in reports by governments, central banks, and the business community. It has become widely used as a reference point for the health of national and global economies. When GDP is growing, especially if inflation is not a problem, workers and businesses are generally better off than when it is not.”
Gross Domestic Product (GDP) is the monetary market value of all final goods and services made within a country during a specific period.
How to Measure GDP?
GDP measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period (say a quarter or a year). It counts all of the output generated within the borders of a country. GDP is composed of goods and services produced for sale in the market and also includes some nonmarket production, such as defense or education services provided by the government.
Total World GDP vs OIC Countries’ GDP
According to the latest estimates available, the total world GDP comprising 193 world economies is US$85.18 Trillion while the total GDP of 57 members of the Organization of Islamic Countries (OIC) is US$22.149 trillion.
| Ranking | Global Rankings | Countries | Nominal GDP |
|---|---|---|---|
| 1 | 16 | Indonesia | US$1.152 Trillion |
| 2 | 17 | Iran | US$938.05 Billion |
| 3 | 20 | Turkey | US$719.92 Billion |
| 4 | 21 | Saudi Arabia | US$703.37 Billion |
| 5 | 28 | Nigeria | US$429.42 Billion |
| 6 | 32 | Egypt | US$364.02 Billion |
| 7 | 35 | United Arab Emirates | US$358.87 Billion |
| 8 | 40 | Malaysia | US$337.26 Billion |
| 9 | 42 | Bangladesh | US$323.06 Billion |
| 10 | 43 | Pakistan | US$299.30 Billion |
According to the statistics mentioned above, the largest Muslim economy is Indonesia while Pakistan stands at the No. 10.
The figures mentioned may not be exact. But they show the emerging trends and where these Muslim countries stand in terms of the global rankings.
We need to carefully study what these countries export and import and what is their share of the Halal food products the Muslims need all over the world.
It is an ongoing topic for The Halal Times staff and we plan to expand it in the future to give a more detailed picture of which Muslim countries have been performing well for the past few years and which direction they are heading to.
You may have a different view about the rankings stated above. Please feel free to let us know what you think about this topic and what needs to be done to improve our share of the global GDP.
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