Trade20 Index: African countries have strong growth potential

This year’s top 20 ranking of the world’s markets with the greatest potential for future trade growth is dominated by African countries. Of 66 high-potential countries, Côte d’Ivoire is ranked first, Kenya third, Ghana thirteenth.

The list of 66 countries for having the greatest potential for future growth was compiled by Standard Chartered’s Trade20 Index. The ranking is based on countries’ activities over the past ten years and on metrics such as economic dynamism, trade readiness and export diversity.

AfricanBusinessMagazine reports that, “while existing trade powers like China and India continue to rapidly improve their trade potential, African countries such as Kenya and Côte d’Ivoire have cemented their positions as East and West African trading hubs from a relatively low starting point.” Researchers have taken into consideration that huge investments in infrastructure, e-commerce and ease of doing business have also started paying off in Côte d’Ivoire and Kenya, “where the business environment has seen a marked improvement.”

Côte d’Ivoire and Ghana also performed well for economic dynamism, measured in terms of foreign direct investment, export and GDP growth. Côte d’Ivoire enjoyed robust GDP growth at 7.4% in 2019, while exports also grew during the ten-year period.

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