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UN Report: 2024 Could Errand Protracted Period of Low Growth

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UN Report: 2024 Could Errand Protracted Period of Low Growth

By: Michael Mike

A United Nations flagship economic report has raised an alarm that protracted period of low growth looms large, and could undermine progress on sustainable development.

According to the report released on Friday, weakening global trade, high borrowing costs, elevated public debt, persistently low investment, and mounting geopolitical tensions put global growth at risk.

The global economic growth is projected to slow from an estimated 2.7 per cent in 2023 to 2.4 per cent in 2024, trending below the pre-pandemic growth rate of 3.0 per cent, according to the United Nations World Economic Situation and Prospects (WESP) 2024, launched on Friday.

This latest forecast comes on the heels of global economic performance exceeding expectations in 2023. However, last year’s stronger-than-expected GDP growth masked short-term risks and structural vulnerabilities, according to the report.

The UN’s flagship economic report presents a sombre economic outlook for the near term. Persistently high interest rates, further escalation of conflicts, sluggish international trade, and increasing climate disasters, pose significant challenges to global growth.

The report stated that the prospects of a prolonged period of tighter credit conditions and higher borrowing costs present strong headwinds for a world economy saddled with debt, while in need of more investments to resuscitate growth, fight climate change and accelerate progress towards the Sustainable Development Goals (SDGs).

Reacting to the report, the United Nations Secretary- General, António Guterres, said: “2024 must be the year when we break out of this quagmire. By unlocking big, bold investments we can drive sustainable development and climate action, and put the global economy on a stronger growth path for all,” adding that:
“We must build on the progress made in the past year towards an SDG Stimulus of at least $500 billion per year in affordable long-term financing for investments in sustainable development and climate action.”

The report stated that growth in several large, developed economies, especially the United States, is projected to decelerate in 2024 given high interest rates, slowing consumer spending and weaker labour markets. The short-term growth prospects for many developing countries – particularly in East Asia, Western Asia and Latin America and the Caribbean – are also deteriorating because of tighter financial conditions, shrinking fiscal space and sluggish external demand.

Low-income and vulnerable economies are facing increasing balance-of-payments pressures and debt sustainability risks. Economic prospects for small island developing States, in particular, will be constrained by heavy debt burdens, high interest rates and increasing climate-related vulnerabilities, which threaten to undermine, and in some cases, even reverse gains made on the SDGs, according to the report.

The report further showed that global inflation is projected to decline further, from an estimated 5.7 per cent in 2023 to 3.9 per cent in 2024. Price pressures are, however, still elevated in many countries and any further escalation of geopolitical conflicts risks renewed increases in inflation.

In about a quarter of all developing countries, annual inflation is projected to exceed 10 per cent in 2024, the report highlighted, showing that since January 2021, consumer prices in developing economies have increased by a cumulative 21.1 per cent, significantly eroding the economic gains made following the COVID-19 recovery. Amid supply-side disruptions, conflicts and extreme weather events, local food price inflation remained high in many developing economies, disproportionately affecting the poorest households.

“Persistently high inflation has further set back progress in poverty eradication, with especially severe impacts in the least developed countries,” said United Nations Under- Secretary-General for Economic and Social Affairs, Li Junhua,.

He said: “It is absolutely imperative that we strengthen global cooperation and the multilateral trading system, reform development finance, address debt challenges and scale up climate financing to help vulnerable countries accelerate towards a path of sustainable and inclusive growth.”

According to the report, the global labour markets have seen an uneven recovery from the pandemic crisis. In developed economies, labour markets have remained resilient despite a slowdown in growth. However, in many developing countries, particularly in Western Asia and Africa, key employment indicators, including unemployment rates, are yet to return to pre- pandemic levels. The global gender employment gap remains high, and gender pay gaps not only persist but have even widened in some occupations.
Stronger international cooperation needed to stimulate growth and promote green transition.

It advised that Governments will need to avoid self-defeating fiscal consolidations and expand fiscal support to stimulate growth at a time when global monetary conditions will remain tight, adding that Central banks around the world continue to face difficult trade-offs in striking a balance between inflation, growth and financial stability objectives. Developing country central banks, in particular, will need to deploy a broad range of macroeconomic and macroprudential policy tools to minimize the adverse spillover effects of monetary tightening in developed economies.

Furthermore, the report emphasized that robust and effective global cooperation initiatives are urgently needed to avoid debt crises and provide adequate financing to developing countries. Low-income countries and middle-income countries with vulnerable fiscal situations need debt relief and debt restructuring to avoid a protracted cycle of weak investment, slow growth and high debt-servicing burdens.

It added that in addition, global climate finance must be massively scaled up. Reducing – and eventually eliminating – fossil fuel subsidies, following through on international financing commitments, such as the $100 billion pledge to support developing countries, and promoting technology transfer are critical for strengthening climate action worldwide. It also underscores the ever- increasing role of industrial policies to bolster innovation and productive capacity, build resilience and accelerate a green transition.

UN Report: 2024 Could Errand Protracted Period of Low Growth

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Alaafin Assures NDLEA of Support, Collaboration in Fight Against Illicit Drugs

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Alaafin Assures NDLEA of Support, Collaboration in Fight Against Illicit Drugs

By: Michael Mike

The Alaafin of Oyo, Oba Abimbola Owoade has assured the Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Buba Marwa (rtd) of support and collaboration in his renewed mandate to curb the scourge of substance abuse and illicit drug trafficking in the country.

The revered traditional ruler gave the assurance when he led two other royal fathers: Oloro of Oro, Oba Joel Olaniyan Olatoye and Olusin of Ijara Isin, Oba Ademola Julius Ajibola, on a courtesy visit to Marwa at the agency’s national headquarters in Abuja on Friday.

He said he is proud of Marwa’s trajectory as Atunluse of Yoruba land.

According to him, “to be kind with you, we are proud of you. Your being in this position at the moment is not just by chance, it’s because of your devotion, your commitment. You have this amiable character. That’s why you are able to govern Borno and Lagos States, and you have always been a performer. Another thing which I can’t forget about you is the legacy of Keke Marwa that you brought to Nigeria.”

Responding directly to the appeal by the NDLEA boss to traditional rulers to support ongoing efforts against drug abuse in the country, the Alaafin assured of his readiness to mobilise his colleagues to work with the agency.

He said: “I’ve heard your message and the same thing with some of my colleagues here and some of my other traditional rulers, we are ready to collaborate with you. I have to tell you, we are at the grassroots, we are close to the community people. We know a lot about what’s going on. So, I’m using this opportunity to tell you that we are ready. We are more than ready to work with you and to give you all the necessary support to make sure that you are successful in this job. We can tell you that anytime you are in need of us, we will always be there for you.”

In his welcome remark, Marwa congratulated the Alaafin for ascending the throne of his forefathers. He charged him and other traditional rulers across the country to leverage on their influence at the local level to work with NDLEA to stamp out substance abuse in communities.

Marwa said: “The drug scourge in Nigeria is at an unacceptable limit and from the drug use survey report of 2018, we find that close to 15 million Nigerians aged 15 to 64 use drugs. It’s a big problem and we have been mandated by President Tinubu, to stand up, fight the drug scourge, arrest those responsible, prosecute them and seize their assets, the traffickers. And on this assignment, we would like to call on the traditional institutions because it’s a very, very important institution.

“Nigerians respect the traditional institutions. Whoever you are in Nigeria, you still come from somewhere. And when you go back to that place, you pay homage to whoever is the leader of the community. And so when the traditional leader speaks, it carries weight. And equally we plead for traditional leaders to also engage the religious leaders in charge of churches and mosques in their domains, they should do serious advocacy against the use of drugs. The NDLEA is always prepared to work with the traditional institution.”

He said the agency will also appreciate getting information about drug dealers in local communities from traditional rulers because of the risk they pose to many youths and their families. “We really appreciate this collaboration and I know for a fact that if we are able to control drug use, even the criminalities will come down because all the people that are kidnappers and the insurgents, terrorists, bandits everywhere, they use drugs first to charge themselves up, to make them high.”

He expressed appreciation to Alaafin for the visit and wished him long successful reign in

good health, peace, development and prosperity in the entire Oyo Kingdom.

Alaafin Assures NDLEA of Support, Collaboration in Fight Against Illicit Drugs

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Mignot: Africa/Europe Ties Destined, Rests on Mutual Respect

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Mignot: Africa/Europe Ties Destined, Rests on Mutual Respect

By: Michael Mike

The European Union (EU) Ambassador to Nigeria and ECOWAS, Gautier Mignot has described the ties between the continents of Europe and Africa as destined and rest on long-term impact, sustainability and mutual respect.

Speaking at a reception organized for African Union and European Union in Abuja, Mignot said “the ties between both continents as a “community of destiny,” adding that Africa’s and Europe’s wellbeing are deeply interconnected.

He emphasized that the partnership rests on long-term impact, sustainability and mutual respect—principles he believes will continue to guide cooperation in the coming years.

The reception which marked the successful conclusion of the 7th African Union–European Union Summit and the 25th anniversary of the AU–EU partnership hosted by the European Union Delegation to Nigeria and ECOWAS, in collaboration with the Embassy of Angola, had in attendance envoys from both European and African countries.

The reception was jointly led by the EU Ambassador and the Ambassador of Angola, José Bamóquina Zau, whose country hosted the summit in Luanda at the end of November.

In his remarks, the EU Ambassador praised Angola for its hospitality, noting that the summit’s success was anchored largely on the commitment and support of the host government and people. He extended the appreciation of all participating delegations to Ambassador Zau and commended Angola for facilitating what he described as “a real sense of community” among nations.

Although President Bola Ahmed Tinubu was unable to attend the summit in Angola due to domestic engagements, Nigeria was represented by Vice-President Kashim Shettima.

The ambassador noted that the strong representation from both African and European sides underscored the significance attached to the partnership. According to him, the joint statement endorsed in Luanda by countries representing about 40 percent of the global community demonstrated unity and shared resolve.

He said the summit reaffirmed a shared commitment to a more inclusive global order and a fairer international financial system capable of addressing the needs of citizens across the two regions. Over the past 25 years, he added, the AU–EU partnership has matured into a platform that drives concrete results across critical areas including peace and security, economic transformation, green and digital transitions, education and regional integration.

Highlighting the Global Gateway Investment Strategy, Mignot noted that more than half of its 264 flagship projects are focused on Africa, with investment commitments of at least €150 billion.

He also cited major initiatives aligned with the AU Agenda 2063, including the €1.2 billion Team Europe programme supporting the African Continental Free Trade Area, and the Africa-Europe Green Energy Initiative targeting the delivery of 50 GW of renewable energy and electricity access for 100 million Africans by 2030.

He noted that despite occasional misconceptions about the strength of the relationship, but stressed that the EU remains Africa’s largest trading partner, leading investor, top provider of development and humanitarian assistance, and the biggest contributor to the African Peace and Security Architecture.

He highlighted youth mobility and women’s empowerment as areas of particular pride for the partnership.

On his part, Ambassador of Angola, José Bamóquina Zau on the event hosted in Angola, said: “Luanda stood up as a platform of hope and a symbol of the African desire to establish continuous relations with Europe in search of benefits of both sides.”

He said hope must be anchored on building channels of dialogue and cooperation in the areas of peace and security, trade and investment, governance, education and health, climate action, and digital transformation.

The envoy said: “We must guide our actions with a spirit of pragmatism, free from the prejudice and bureaucracy that so often hinder the implementation of important decisions taken together.”

He however stated that Africa cannot continue to be dominated by poverty while remaining a major supplier of essential raw materials to the world.

He added that: “We must to build a new, solid, and effective vision between Africa and European financial institutions, with investments in development. This is the most assertive way to avoid the suffocation caused by excessive debt burdens.”

He however said: “Our strategic partnership will only be strong and resilient if it aligns with the African Union’s Agenda 2063, and capable of responding to current global and local geopolitical challenges.”

Mignot: Africa/Europe Ties Destined, Rests on Mutual Respect

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Syrian national dies in suspected suicide in Sokoto

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Syrian national dies in suspected suicide in Sokoto

By: Zagazola Makama

A Syrian national resident in Sokoto for more than 40 years has died in a suspected case of suicide after allegedly consuming insecticide, the Sokoto State Police Command has confirmed.

Zagazola report that the incident occurred on Wednesday at about 9:30 p.m. at Gawon Nama Zaga Road.

Police said the Divisional Police Officer (DPO) received a distress call from one Tukur Registrer, who reported that a 16-year-old boy, Ahmad Aliyu of Gagi area, rushed into a nearby mosque to alert worshippers that his employer, identified as Abdulrahman Badenjki, had been found ingesting mosquito insecticide.

Upon receiving the information, the DPO and operatives immediately mobilised to the residence. The victim was found unconscious, lying on his bed. A container of Executor mosquito insecticide was reportedly found on a blue plastic chair beside him.

Police said the scene was photographed and secured for further investigation, while the victim was rushed to the Usmanu Danfodiyo University Teaching Hospital (UDUTH), Sokoto, where a medical doctor confirmed him dead on arrival.

The corpse has since been deposited at the hospital mortuary for autopsy.

According to a source from the Command, the Deputy Commissioner of Police, Criminal Investigation Department (DC CID), has visited the scene and taken over the case for discreet investigation to determine the circumstances surrounding the incident.
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