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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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ISWAP scamper in disarray as NAF, ground troops repel attack on Banki in Bama LGA

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ISWAP scamper in disarray as NAF, ground troops repel attack on Banki in Bama LGA

By: Zagazola Makama

Fighters of the Islamic State West Africa Province (ISWAP) reportedly fled in disarray on Friday after troops of Operation Hadin Kai, supported by the Nigerian Air Force (NAF), successfully repelled an attempted attack on a military base in Banki, Bama Local Government Area of Borno.

Security sources told Zagazola Makama that the insurgents launched the attack in the early hours of Friday, advancing in large numbers in an attempt to overrun the military formation.

The sources said the troops immediately engaged the terrorists in a fierce gun battle, effectively resisting the assault and preventing the insurgents from breaching the base.

According to the sources, while the exchange of fire was ongoing, the Nigerian Air Force scrambled an aircraft to provide aerial support to the ground troops.

“On sighting the approaching aircraft, the terrorists took to their heels and were seen scampering in disarray into nearby bushes to escape the superior firepower of the troops and the air component,” one of the sources said.

The sources added that the attempted attack was successfully foiled, forcing the insurgents to abandon the operation.

There were no immediate reports of casualties as security forces have commenced assessment and clearance operations in the area.

Banki, a border town near Cameroon in Bama LGA, remains one of the key frontline locations in the ongoing counter-insurgency campaign in Borno.

ISWAP scamper in disarray as NAF, ground troops repel attack on Banki in Bama LGA

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Freight forwarders protest arbitrary shipping charges at Apapa ports

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Freight forwarders protest arbitrary shipping charges at Apapa ports

By: Zagazola Makama

The National Association of Government Approved Freight Forwarders (NAGAFF) has raised concerns over what it described as arbitrary and unilateral increases in shipping charges by some shipping companies at the Apapa ports in Lagos.

The grievances were contained in a letter addressed to the Executive Secretary of the Nigerian Shippers Council, Park Lane, Apapa, and copied to the Commissioner of Police, Ports Authority Police (Western Command), Apapa.

The letter, titled “Administrative Overreach: The Non-Consensual and Arbitrary Increase of Shipping Charges in Breach of Established Procedure and Protocol,” was received at about 2:30 p.m. on March 12.

Following the complaint, the Commissioner of Police, Ports Authority Police Western Command, Apapa, convened a meeting with the leadership of NAGAFF to discuss the issue.

Those in attendance included Mr Bert Okeke, Secretary and representative of the NAGAFF Chairman, Alhaji Ibrahim Tanko; Mr Uche Nwabude, Operational Head; and Chief Raf Nwoye, Technical Director at the association’s headquarters, alongside eight other members.

During the meeting, the NAGAFF leaders expressed dissatisfaction over the alleged immediate and unilateral upward review of shipping charges by some companies without prior notification to freight forwarders and other service users.

They described the development as a breach of established procedures guiding port operations and trade facilitation.

In her response, the Commissioner of Police, Ports Authority Police Western Command, commended the association for following due process by engaging relevant stakeholders and bringing the matter to the attention of authorities.

She urged the union leaders to remain law-abiding and advised them to notify the police and obtain approval before embarking on any picketing or protest actions.

The police chief also encouraged the association to suspend any planned industrial action pending efforts by the Nigerian Shippers Council to mediate and resolve the dispute.

She further called for sustained synergy, collaboration and consolidation between the police and stakeholders in the maritime sector to ensure smooth trade facilitation at the ports.

The meeting ended at about 3:25 p.m.

Freight forwarders protest arbitrary shipping charges at Apapa ports

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“When two elephants fight, it is the grass that suffers”- The Case of Iran Israel United States Conflict

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“When two elephants fight, it is the grass that suffers”- The Case of Iran Israel United States Conflict

By: Michael Mike

From the ancient Persian world to the Swahili coast of Africa, the story of Iran is not merely political—it is civilizational. The current conflict therefore raises questions not only about power, but about history, justice and humanity itself.

In Africa, a well-known proverb captures a timeless truth: “When two elephants fight, it is the grass that suffers.” Across the wider African continent, this saying reminds us that when powerful actors collide, it is ordinary people—families, children and communities—who bear the greatest cost.

Today, as tensions escalate across West Asia and military strikes attributed to the United States and Israel target the Islamic Republic of Iran, the world is witnessing a confrontation that extends far beyond the calculations of geopolitics.

To strike Iran is not merely to confront a modern state. It is to challenge one of the oldest living civilizations on Earth—a civilization whose cultural, intellectual and spiritual influence has shaped vast regions of the world for more than three thousand years.

A Civilization Older Than the Modern World

Long before the modern geopolitical map of the Middle East existed, the Iranian plateau had already produced organized states, complex administrative systems and vibrant intellectual traditions.

From the Achaemenid Empire of Cyrus the Great to the flourishing cultural centers of Shiraz and Isfahan, Persian civilization helped shape literature, science, philosophy and political thought across the Mediterranean world, Central Asia and the Indian Ocean basin.

Unlike many later imperial powers whose expansion relied on colonization, resource extraction and the brutal transatlantic slave trade, Persia’s historical influence travelled largely through knowledge, trade and cultural exchange.

This legacy of interaction links Iran not only to Asia but also to Africa.

The Persian Handshake with Africa

Centuries before European colonial powers partitioned the African continent, Persian merchants were already sailing the monsoon winds of the Indian Ocean toward the Swahili coast.

They arrived not as conquerors but as traders, scholars and cultural intermediaries.

From present-day Somalia to Mozambique, Persian traders established networks of commerce and intellectual exchange with the Swahili city-states. Maritime knowledge, architecture, poetry and urban culture travelled across these routes alongside textiles and spices.

The interaction was never one-sided. African societies reshaped and integrated these influences into their own traditions, creating a distinctive Afro-Asian cultural synthesis that still characterizes the region today.

Even the Kiswahili language, rooted in Bantu linguistic traditions, reflects centuries of interaction with Persian and other Indian Ocean cultures.

In this sense, the story of Iran is not distant from Africa—it is intertwined with it.

The Islamic Revolution and the Ethics of Defending the Oppressed

In 1979, Iran once again became the stage for a unique historical transformation.

The Islamic Revolution did not attempt to erase Iran’s ancient past. Instead, it sought to frame a deeply rooted civilization within a moral vision centered on justice, independence and the defense of the oppressed.

Imam Ruhollah Khomeini, the founder of the Islamic Republic, articulated a political philosophy that placed the protection of the Mustazafin—the oppressed and marginalized—at the heart of the revolution’s mission.

One of the most enduring expressions of this principle was his declaration of the last Friday of Ramadan as International Quds Day, inviting people around the world to remember the plight of the Palestinian people.

This ethical perspective continued under the leadership of Ayatollah Sayyid Ali Khamenei, who consistently framed the Palestinian question not merely as a geopolitical dispute but as a matter of moral responsibility and global justice.

For many observers, this unwavering support for Palestinian rights remains one of the central sources of tension between Iran and its adversaries.

Jerusalem: A Sacred City for Humanity

From the perspective of religious scholarship, Jerusalem—known in Arabic as Al-Quds—occupies a unique place in the spiritual geography of humanity.

It is sacred not only to Muslims but also to Christians and Jews.

Within its ancient walls stand some of the most revered sites of the Abrahamic traditions: Al-Aqsa Mosque, the Church of the Holy Sepulcher, and the Western Wall.

For scholars of comparative religion, Jerusalem represents not an exclusive possession but a shared spiritual heritage.

The respected Christian leader Archbishop Desmond Tutu once captured this moral principle in words that resonate across faith traditions:

“If you are neutral in situations of injustice, you have chosen the side of the oppressor.”

The Human Question of Self-Defense

Against this historical and moral background, the present conflict raises difficult questions.

Reports from the early days of the war describe devastating strikes, including the bombing of an elementary school in which 168 children between the ages of eight and twelve reportedly lost their lives.

Such tragedies challenge the conscience of the international community.

Under what interpretation of international law can the killing of children be justified?
Under which definition of human rights can such actions be normalized?

History already offers troubling precedents. In Gaza, years of conflict have resulted in the deaths of tens of thousands of civilians.

Yet beyond statistics lies a simple human question.

If the Pope were assassinated in the Vatican, or if your own home were attacked and your father killed before your eyes, would any society remain silent?

Nations, like families, possess a natural instinct for self-defense. When confronted with aggression, the desire to resist is not extremism—it is dignity.

Strategic Consequences beyond Iran

The implications of this confrontation are unlikely to remain confined within Iran’s borders. History repeatedly shows that conflicts ignited in one part of the Middle East rarely remain geographically contained.

Military escalation against a major regional power such as Iran risks widening an already fragile landscape of instability across West Asia.

When the sovereignty of states can be openly violated and civilian infrastructure becomes a battlefield, the consequences rarely stop at a single frontier. They ripple outward—affecting regional security, global diplomacy and the fragile hopes of societies already burdened by decades of conflict.

Africa’s Moral Memory

For Africa, these questions are not abstract. The continent carries its own deep memory of colonial domination, resistance and the struggle for dignity.

The late South African leader Nelson Mandela expressed this moral connection clearly:

“We know too well that our freedom is incomplete without the freedom of the Palestinians.”

Mandela’s words remind us that justice is indivisible.

From Johannesburg to Nairobi, from Tehran to Jerusalem, the principle remains the same: when a people stand against oppression, they defend not only territory but human dignity.

Cultural Expert
Embassy of the Islamic Republic of Iran in Abuja, Nigeria

“When two elephants fight, it is the grass that suffers”- The Case of Iran Israel United States Conflict

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