The biggest listed North African companies enjoyed strong gains compared to 2020. The top three are based in Morocco and listed on the dynamic Casablanca Stock Exchange, where the MASI Free Float Index climbed 22% and the Dirham currency gained 11% against the dollar. Maroc Telecom reflected the gains as its market capitalisation rose from $11bn in 2020 to $13.5bn by March 2021, holding its place at #8, even as national GDP shrank 5.9% over the calendar year, with economic damage from lower tourism and drought in some areas as well as sudden slowdowns in its main export markets in EuropeExports of automotive parts and phosphates started to pick up again in the third quarter of 2020 and the economy is forecast to bounce back strongly with 4.5% growth in 2021 and 3.2% in 2022. Tackling high unemployment, especially for young people, remains a challenge. Covid-19 had a severe impact on Egypt but the country managed to keep economic growth at 3.6% in 2020 and the momentum will continue with forecast 3% growth in 2021 and 4.9% in 2022.
SOURCE: AFRICAN BUSINESS MAGAZINE
More Stories
Botswana and Cape Verde Moved to Level 3- High Risk
10 Best Experiences in Kenya
South Africa Relaxes Travel Restrictions
These Upscale Resorts are Ideal for Anyone Craving Time in Nature
Astronomical Tourism has Become Famous in Egypt
Raising Awareness on Environmental Issues in Zimbabwe through Creativity
Fast Track to a Modern Senegal
The Cape Verde Rapper with a Feminist Message
French Gallerist Cecile Fakhoury on The Contemporary African Art Scene
8 Queer-Owned African Fashion Brands to Check Out For Pride
The Work Must Continue… Equity & Innovation for Africa’s Recovery
What’s On the Mind of Most Young Africans?