Most of them have common failings though: corruption, depression of women, lack of freedom of speech, resistance for democratic institutions etc etc. It could be argued that Islam, especially the unmoderate kind, contributes to these failings. In fact most Orthodox religions do.

As I see it, it's not about $religion but religious orthodoxy. Primary cause would be "too much religion".

> There are plenty of other countries in the world that have economic problems where the Muslim population is insignificant.

Absolutely true. I still don't think the hypothesis should be rejected just on the grounds of it sounding Islamophobic, it should be rejected on the grounds of it being incorrect.