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The African Economic Research Consortium (AERC) hosted a successful side event at the 2024 African Development Bank (AfDB) Annual Meetings on 27 May 2024 in Nairobi, Kenya. Focusing on the theme “Building resilient African economies in the face of global shocks”, this dynamic side event convened influential policymakers, development practitioners, leading researchers, and private sector representatives. 

This meeting was officially opened by H.E. Bihi Iman Egeh, Minister of Finance of the Federal Government of Somalia. In his remarks H.E. Egeh observed that post Covid-19 pandemic, growth remains elusive in most African countries. This is given the fact that many African countries have a weak ability to respond to various shocks. He added that the multiple shocks of Covid-19, climate crisis, and the Ukraine-Russian war have made more than 18 million people poorer in the continent. 

Prof. Victor Murinde, AERC Executive Director in his welcoming remarks said that the COVID-19 pandemic has brought unexpected exogenous shocks that have resulted in global, regional, and national policy responses.   “Over the past few decades, economic performance in Africa has been shaped by shocks of varying magnitude, duration, and recurrence, some of which have been frequent, thus leading to financial crisis” he said. 

Dr. Kathryn Toure, Regional Director, Eastern and Southern Africa Regional Office. International Development Research Centre (IDRC) noted that IDRC has a proud history of working with researchers to explore opportunities for collaboration. 

Drawing on Internation Development Research Centre (IDRC) – supported initiatives and other recent African-led research, this meeting addressed the following crucial areas: Finance and the Impact of War; Macroeconomic Shocks and Microeconomic Stability; Resilience in Fragile Contexts; and Gender-Sensitive Policymaking. 

The meeting was moderated by Professor Dirk Willem te Velde,  Principal Research Fellow and Director of ODI’s International Economic Development Group. The panelists included H.E. Egeh, Prof. Murinde, Dr. Toure, and Prof. Jane Kabubo- Mariara, Executive Director of the Partnership for Economic Policy (PEP).