All Eyes on Africa? How Russia Could Expand Trade With Continent Amid Its Rapid Economic Growth

Africa

In recent years, many African countries not embroiled in ongoing internal conflicts have picked up the pace of economic development, witnessing growth levels impressive even for developing states. Their success has already attracted some foreign investors, but so far Russia has not been at the top of this list.

African countries have been showing astonishing economic results, with some countries reaching GDP growth levels of 7% per year. According to predictions by the International Monetary Fund (IMF), Ghana could become a 2019 leader in this regard, with expected growth of 8.8%, while the Ivory Coast and Ethiopia could see 7.5% and 7.7% growth respectively.

Their growth comes from different sources. Some countries have simply discovered rich natural resource deposits, as has apparently been the case with Ghana’s oil fields. Others are receiving dividends from the development of their telecom and financial sectors, as is the case with Senegal.

Their rapidly growing economies have already allowed these countries to attract foreign investors and boost economic cooperation with states like China, India, South Korea, and others. Russia is among these countries, but is far from being at the top of the list.

At the moment, Russia has its greatest trade ties with Egypt (around $7.6 billion in 2018, which is a 14% increase compared to the previous year) and Algeria (around $5.4 billion in 2018, almost a 17% increase since 2017). Russia’s overall trade…

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