This project, titled “Investigating the Relationship between Trade Balance and GDP in African Countries: A Cluster Analysis Approach,” is a comprehensive study aimed at understanding the economic dynamics of several African countries.
The project focuses on investigating the relationship between the balance of trade and GDP growth in these countries. The countries under study include Cabo Verde, Cameroon, Central African Republic, Chad, Comoros, and Congo Rep.
The project employs a cluster analysis approach to discern patterns and correlations in the data. This involves analysing the trade balance and GDP growth data for each country and grouping them based on similarities in their economic performance.
The project includes a series of scatter plots, each representing a specific African country. The x-axis represents the Trade Balance, while the y-axis represents GDP Growth. The plots reveal varying degrees of GDP Growth corresponding with different Trade Balances for each country.
By understanding these patterns, the project aims to inform economic policies and investment strategies that can foster sustainable economic growth in these countries.