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.

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