03 Oct Côte d’Ivoire ranked first for global trade growth potential: Standard Chartered index
Côte d’Ivoire has the highest potential for future trade growth, according to recent research by Standard Chartered which evaluated 66 countries across a wide range of metrics.
The West African nation was ranked first in the international bank’s Trade 20 Index ahead of fellow African countries Kenya and Ghana, who were ranked third and thirteenth respectively.
The index determines each market’s trade growth potential by analysing changes within the last decade across several variables, grouped into three equally weighted pillars: Economic dynamism, trade readiness and export diversity.
Researchers found that Côte d’Ivoire and Kenya have significantly improved their trade readiness, demonstrating that investments in infrastructure and business environment improvements are paying off.
Côte d’Ivoire and Ghana also scored well for economic dynamism, with the former enjoying robust GDP and export growth and the latter seeing an influx of foreign direct investment (FDI).
“Home to some of the world’s fastest-growing economies, Africa has the potential to become a much bigger player in global trade,” said Standard Chartered’s regional co-head Saif Malik.
“Already connected with the trading powers in Asia, particularly China, through the Belt & Road Initiative, and with the launch of the African Continental Free Trade Area, we see numerous growth opportunities for trade and investment in the years ahead.
“Additionally, the growing young, digitally-savvy population and an increasing female workforce will aid the continent in its economic transformation.”