JOHANNESBURG - Côte d'Ivoire and Kenya have been named rising stars in a global index which identifies markets with the greatest potential for future trade growth, international banking group Standard Chartered said on Monday.
The bank's Trade20 Index shows Côte d'Ivoire has most rapidly improved its trade growth potential over the past decade, taking first place, while Kenya came in third.
The index determines each market’s trade growth potential by analysing changes within the last decade across a wide range of variables, grouped into three equally-weighted pillars: economic dynamism, trade readiness and export diversity.
The study, which examined 66 markets around the world, found that while existing trade powers like China and India continued to rapidly improve their trade potential, African economies were making particularly strong progress from a relatively low starting point.
"Kenya is consolidating its position as the trading hub of East Africa, while Côte d'Ivoire is cementing its position as a West African trading hub. Ghana also performs well in the index, placing just outside the top 10," Standard Chartered said.