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UN Report: 2024 Could Errand Protracted Period of Low Growth
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
News
Five Militants Killed in Attack Near Ayorou as Local Official Abducted in Niger Republic
Five Militants Killed in Attack Near Ayorou as Local Official Abducted in Niger Republic
By: Zagazola Makama
At least five local militia members were killed following an attack by suspected Islamic State-linked gunmen in Seno village near Ayorou in Niger Republic’s Tillabéri region.
Local sources said the attack occurred at about 6:00 p.m. on May 17, 2026, when armed militants stormed the village, located approximately six kilometres from Ayorou, and targeted traders and local security volunteers operating in the area.
According to preliminary reports, at least five members of local self-defence groups engaged in securing the community were killed during the assault.
The incident came hours after the reported abduction of a local official identified as Moussa Koukou, said to be the perimeter manager of Diomana.
Sources disclosed that Koukou was kidnapped at about 11:00 a.m. while travelling in a Toyota RAV4 vehicle within the area.
Security sources believe the attack and abduction may be linked to ongoing activities of extremist groups affiliated with the Islamic State operating across the volatile Tillabéri region near the borders with Mali and Burkina Faso.
No official statement had been issued by Nigerien authorities as of the time of filing this report, while monitoring and security operations were said to be ongoing in the affected communities.
Five Militants Killed in Attack Near Ayorou as Local Official Abducted in Niger Republic
News
Primaries: Aspirants protest imposition of Reps candidates in Adamawa
Primaries: Aspirants protest imposition of Reps candidates in Adamawa
The Forum of House of Representatives Aspirants of Numan /Demsa/Lamurde Federal Constituency under the platform of All Progressives Congress (APC) in Adamawa has protested what it described as imposition of candidates in the just concluded primary elections in the state.
Speaking during the peaceful protest in Numan Local Government Area, Adamawa, Vrati Nzonzo, the spokesperson of the Forum said, the committee responsible for the conduct of the exercise and the party officials failed to abide by the rules of the game.
Nzonzo said the rules for electing candidates were through consensus or direct primaries but stressed that none of the rules were observed.
According to him, with what happened, their mandate was stolen and given to someone who did not deserve the candidacy.
“The election was supposed to be Consensus or Direct primaries but we opposed the consensus and there were no direct primaries across the Constituency”, he said.
PNzonzo called on the National Chairman APC and Governor Ahmadu Fintiri to ensure justice and fairness for the victory of the party else they threatened that they won’t vote for the party at the general elections.
Justina Nkon another aspirant also condemned the conduct of the primary election across the constituency.
According to her, the electorate were at the venue of the primaries from 8:00a.m and no officials showed up until 2:00 p.m and later on they said they had conducted the election without seeing any election materials.
She urged Fintiri to live up to the promise he made at the time of his campaign that he would not betray the people in the state.
“It’s now under your watch as the leader of the party we are witnessing the undemocratic process of primary elections by enforcing candidates who have not been elected by the people in the Constituency”, she said.
According to her, the so-called primary elections are unconstitutional, hence the need to conduct a free, fair and credible primary elections.
Usoko ken-Supule, another aspirant, demanded justice and fairness for every aspirant and for the progress of the party in the constituency, state and the country at large.
“We want justice for the progress of the party and without fairness there is no progress, therefore we are respectful party loyalists.
“We are not happy in view of what happened and we are disappointed; we are calling on the party leadership and the state governor to consider the plight of the masses”, he said.
Primaries: Aspirants protest imposition of Reps candidates in Adamawa
News
Zulum Assures Immediate Relief Items, Dignified Resettlement of Displaced Persons in Monguno
Zulum Assures Immediate Relief Items, Dignified Resettlement of Displaced Persons in Monguno
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has assured displaced communities affected by insecurity that the government is working closely with the Nigerian military hierarchy to provide immediate humanitarian and long-term support.
Governor Zulum gave the assurance when he visited displaced persons in Monguno town on Sunday, reaffirming his administration’s commitment to ensuring dignified resettlement back to their ancestral communities.

While at the IDP camp, the governor interacted directly with displaced families as women, children and elderly residents gathered around him while he listened to their concerns.
“We have examined the situation critically alongside the hierarchy of the Nigerian military, and it has been concluded that we shall provide immediate humanitarian support to these displaced communities, especially in the areas of water, shelter, and sanitation,” Zulum stated.

“Apart from this, we shall also ensure that medium and longer-term sustainable solutions are being adopted, which is acceptable to this community and their ancestral home,” he said.
“We will improve the living conditions of the displaced persons; we will not allow our citizens to endure such hardship without urgent government intervention.”
He also urged residents to cooperate with security agencies by reporting suspicious movements and activities within their communities, noting that sustaining peace and security requires collective responsibility.
“Security is everybody’s business. Communities must continue to support security agencies with timely and useful information,” the governor stated.

Governor Zulum disclosed that there are over 50,000 returnees in Marte, stressing that plans were underway to facilitate the return of more displaced persons to the town as part of the medium and longer-term solution.
He immediately directed the Secretary to the State Government, the Commissioner for Local Government, the Commissioner for Internal Security, and the Chairman of Marte Local Government Area to work out the modalities for implementing the recommendations adopted.
The governor sympathized with the people affected by the recent insecurity and reaffirmed the government’s commitment to supporting them.
As part of the visit, Governor Zulum also met with health workers at the Monguno Eye Hospital, commending them for continuing to provide medical services despite difficult working conditions and limited resources. He announced financial support to improve their welfare and encourage greater commitment to healthcare delivery in the area.
The governor also visited the Commanding Officer of Forward Operation Base (FOB) Mairari for a security brief.
Governor Zulum was accompanied by the Senator representing Borno North, Senator Mohanmed Tahir Monguno; Speaker of Borno State House of Assembly, Rt. Hon. Abdulkarim Lawan, Member Representing Marte, Monguno, Nganzai, Hon. Bukar Talba, Secretary to the state government, Bukar Tijani, Commissioner for Information and Internal Security, Prof. Usman Tar, Commissioner for Local Government and Emirate Affairs, Hon. Sugun Mai Mele, alongside other government officials.
Zulum Assures Immediate Relief Items, Dignified Resettlement of Displaced Persons in Monguno
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