In the name of Allah, the Beneficent, the Merciful
I am very pleased to introduce the 2016 Annual Report that reveals yet another successful and a momentous year for the ICD. The world in 2016 witnessed volatile and fragile market conditions, weakening global trade, and some geopolitical instabilities. Unfortunately,
most ICD member countries were affected by these challenges and as a result their economic growth slowed down considerably. In addition, the extended period of the low prices of oil and other major commodities hit most of the countries through declined fiscal revenues and weakened export prospects.
Tightening of global financial markets and capital outflows from developing economies was another serious economic headwind facing our member countries in the past year.