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Growth Volatility and Export Diversity in OIC Countries

Salman Ali

No 1437-4, Working Papers from The Islamic Research and Teaching Institute (IRTI)

Abstract: While exports contribute to economic growth through expanding the market, a narrow export base can increase the volatility of this growth. Many OIC member countries face the problem of low diversity of exports. This paper measures the impact of export diversity on the volatility of growth in the OIC member countries using a new data set of trade flows at 4-digit STIC level issued by IMF. It finds that one standard deviation increase in export diversity reduces the volatility of GDP growth by about 17.2 percent for the OIC countries. In the group of less-developed countries and in the group of oil-exporting countries, the intensive margin of diversification is more important than extensive margin diversification for stability of growth.

Keywords: Export Diversification; GDP Volatility; Growth; OIC Countries (search for similar items in EconPapers)
JEL-codes: F41 F43 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2016-01-19
New Economics Papers: this item is included in nep-int
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