Globalisation and its challenges for OIC countries

Abstract

Globalization is a multifaceted and complex process casually refers to variety of phenomena that reflect increasing integration of economies around the world. As countries are speeding up their openness in recent years, there have been increasing concerns related to the globalization and its impacts on different aspect of life. Like other developing countries, the OIC countries were also seeking to enhance their share in the global economy. In fact, the new challenges facing these countries are how they increase the opportunities and decrease costs of globalization. This article attempts to shed light on the effects of globalization and its challenges in the case of OIC countries. We conclude that the OIC countries need to do a lot of homework to make use of globalization benefits. On the other word, there is urgent need for them to design and implement efficient polices. We categorized these policies into two groups. The first group of policies will encourage the foreign capital flow in the countries. In addition, it recommends policies for OICs to benefit from foreign capital. The second group of policies concentrate on the recognition of comparative advantage of each country and diversification of the export of OIC to improve international trade.