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A Comparative Study on European Union and Selected Muslim Countries: The Search for Integrating Muslim Countries for a Common Economy



Amzad Hossain
 
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ABSTRACT

As economic integration among Muslim countries does not necessarily imply non-economic cooperation with rest of the world, therefore, economic integration among Muslim countries is key to their long-run economic development. This paper focuses on a comparative analysis of selected economic indicators of the selected 12 Muslim countries with European Union. As such, the comparisons between the selected 12 Muslim countries and EU indicate that manufacturing industries and agriculture in the GDPs show wide difference, but GDP growth rate, inflation rate and their average rates are not significantly different. In addition, the 12 Muslim country’s mesmerizing consumer market (433.64 million people), which is larger than that of EU (330.4 million people), the investment ardor of foreign suitors. Labour absorbing capacity of the 12 Muslim country’s economy is higher than that of EU economy. Apart from petroleum, to establish a common policy for other products within Muslim countries will not necessarily impede their trade relationship with other as well as their export earnings. Thus, there is a potential opportunity to establish a common market within selected necessarily opportunity to establish a common market within selected Muslim countries. Some policies and issues of common economy within Muslim countries and its effectiveness for sustained economic growth and trade balances to meet emerging challenges are also explored.

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  How to cite this article:

Amzad Hossain , 2002. A Comparative Study on European Union and Selected Muslim Countries: The Search for Integrating Muslim Countries for a Common Economy. Journal of Applied Sciences, 2: 789-795.

DOI: 10.3923/jas.2002.789.795

URL: https://scialert.net/abstract/?doi=jas.2002.789.795

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