African Economies: What Is Behind Their Growth?
The Roscongress Foundation has prepared an information and analytical review titled ‘The African Economy: Hidden Potential and Real Growth’, which was timed to coincide with the Second Russia–Africa Summit and the Russia-Africa Economic and Humanitarian Forum. The material is devoted to the rapidly developing African continent, in which 53 out of 54 countries have shown growth that has been sustained across all five regions of the continent over the medium term. The average growth rates in 2023 and 2024 are expected to be around 4%. In addition, in 2023, five African states will join the top 10 fastest growing economies in the world.
In an article published in the run-up to the Summit and Forum, Russian President Vladimir Putin noted that the potential for trade and economic cooperation between Russia and African countries is much higher than the current trade turnover of USD 18 billion seen in 2022. The authors of the review believe that the most promising areas for Russian-African cooperation include investments in the extraction of hydrocarbons and metals, including rare earth metals, as well as agriculture.
Africa has up to 40% of the world’s gold reserves and up to 90% of chromium and platinum reserves. It also contains the world’s largest reserves of cobalt, diamonds, and uranium. The Democratic Republic of the Congo, for example, accounts for about 70% of the world’s cobalt output. Guinea is home to 35% of the world’s bauxite reserves. Moreover, Africa accounts for 65% of the world’s arable land and around 10% of domestic renewable freshwater sources, which suggests there is huge potential for the further development of agriculture.
The full text of the analytical review is available on the Roscongress Foundation’s website and on the Roscongress Foundation’s Dzen channel.
