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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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Group demands zoning of Gombe Central Senatorial seat to Yamaltu/Deba

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Group demands zoning of Gombe Central Senatorial seat to Yamaltu/Deba

A sociocultural group under the auspices of Nyimatli Development Association (NDA) has demanded that the 2027 senatorial seat of Gombe Central be zoned to Yamaltu Deba Local Government Area of the State.

Speaking at a news conference on Monday in Gombe, Mr Emmanuel Usman, the secretary of the group in the company of other executive members said the demand was from the entire people of Yamaltu Deba LGA.

Usman said the demand was a necessary step for equity, unity, justice and inclusiveness.

He stated that since Gombe Central has two Local Government Areas of Akko and Yamaltu Deba and Akko has held the seat for 16 years, zoning it to Yamaltu Deba would ensure parity and correct the zoning imbalance.

“Akko has held the seat for too long and it is our turn to ensure equitable representation; this is the message from the Tera people and the people of Yamaltu Deba.

“The people of Yamaltu Deba LGA are concerned about the issue of representation at the National Assembly particularly at the Senate.

“Yamaltu Deba is in Gombe Central Senatorial District and the district is owned by Akko and Yamaltu Deba and by extension this seat should go round between the two LGAs in the zone.

“When we returned into the present democratic era, the first senator was from Akko who served for four years and then it returned to Yamaltu Deba, for another four years.
“Until it came to the time when Senator Danjuma Goje, from Akko became senator and he has served four consecutive terms that is for 16 years, without it being returned to Yamaltu Deba.

“We feel as a people if we own this seat collectively, equity and justice should have been the right thing and if Akko has enjoyed 16 years, it should now be returned to Yamaltu Deba,” he said.

Usman said that the people of Yamaltu Deba were already feeling maginalised not because the current senator Goje lacked competence or representation, but because they have been denied the right to represent the district.

He said the LGA has a lot of competent politicians and technocrats who could effectively represent the Senatorial District and fast track development.

Usman pleaded with Goje not to contest the 2027 senatorial seat but allow Yamaltu Deba in the spirit of “our unwritten consensus” for turn taking in representation.

“We have supported Goje, voted for him and given him the platform to lead, it is now time for him to return the favour and step aside for others from Yamaltu Deba to occupy the senate seat.”

He also appealed to Gov Inuwa Yahaya of Gombe State as the party leader of the All Progressives Congress (APC) in the state to listen to their plea towards ensuring fairness, inclusion and justice.

Group demands zoning of Gombe Central Senatorial seat to Yamaltu/Deba

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Eight aspirants eye Governor Buni’s seat in Yobe

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Eight aspirants eye Governor Buni’s seat in Yobe

By: Yahaya Wakili

As 2027 general elections are approaching, over 8 aspirants from the three senatorial districts of Yobe state are jostling for the governorship ticket of the All Progressives Congress (APC) in the 2027 general elections.

Notably among them are the current Secretary to the Yobe State Government and the longest SSG in Northeastern Nigeria, Alhaji Baba Mallam Wali (BMW) mni; the former Senate President of the Federal Republic of Nigeria and the longest member at the National Assembly since 1999 up to date and the current Senator for the Yobe North Senatorial District, Senator Ahmed Ibrahim Lawan, GCON (SAIL), Sardaunan Bade; and Senator Mohammed Ibrahim Bomai (MIB), two-term Senator for the Yobe South Senatorial District and Madakin Fika Emirate Council.

Others notable among them include Senator Musa Mustapha (COOLERS), current Senator of the Yobe East Senatorial District; Engr. Abubakar D. Aliyu, former Deputy Governor of Yobe State and former Minister of Power and Jarman of the Pataskum Emirate Council; and Kashim Musa Tumsah, a lawyer and diplomat, and hosts of others. The All Progressives Congress (APC) has been ruling the state since the return of democracy in 1999 or since the creation of the state. Muhammad Abba, a political analyst in the state, revealed that we are advising the party stakeholders in the state that if they want the party to continue ruling the state, they should adopt the rotation or zoning formula so that every senatorial district will benefit from the governorship seat in the state.

Dr. Garba Adamu, also a political analyst in the state, said rotation or zoning is the best option for the APC in the state, adding that since the creation of the state, Zone A, or the Yobe East Senatorial District, for a long time has held the power or has produced the governor, and the Yobe South Senatorial District has produced only one governor, Mamman B. Ali, who spent only 18 months in office before he died. But in the Yobe North Senatorial District, Zone C, they never produce anything else, neither the governor nor the deputy; they never get the opportunity or the chance.

He added that, but this time around if the party wants to win the election easily without facing any challenges from the opposition party, they should reintroduce the zoning system because it will encourage the electorates to come out en masse to vote for the party, especially from Zone C, because they picked its son to be the party candidate. However, he said the best candidate from the zone, who would win the election 100%, is Alhaji Baba Mallam Wali (BMW), the current secretary to the state government; he has the capacity, and he has the experience to handle the affairs of the state because of his long experience in administration.

According to him, the election of Baba Mallam Wali as the fifth democratically elected governor of Yobe State will steady impactful walks through the corridors of power at both local and state levels. He is a man blessed with a character of humility, sympathy, and accessibility and a genius in letting go of what rightfully and lawfully belongs to him for peace to reign. However, BMW’s plan is to continue building on what they call the “Renewed Hope and Vision of Governor Mai Mala Buni and the legacy of His Excellency, Senator Ibrahim Geidam,” aimed at delivering a better life for residents of Yobe State.

“Baba Mallam Wali’s agenda is anchored on People-Oriented Development (POD), a strategy designed to ensure that government decisions directly continue to improve the daily lives of citizens. Alhaji Idris Musa, also a political analyst in the state, reiterates his call to the APC-led administration in Yobe State to adopt the rotation formula aimed to balance its political equations, adding that if care is not carefully taken in Yobe politics this time and if they fail to implement the zoning formula, they will face the consequences because likely the opposition party will win the election, because the two senatorial zones will react, especially Zone C and Zone B.

Zone C deserved to pick the governorship ticket of Yobe State in 2027, and if there is fairness, equity, and justice in the 2027 election, then from Zone C, the current Secretary to the State Government, Alhaji Baba Mallam Wali MNI, is capable and has the capacity to hold the ticket, and he will deliver, inshallah.

Eight aspirants eye Governor Buni’s seat in Yobe

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Reprisal attack leaves two dead as plateau govt imposes curfew in Jos

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Reprisal attack leaves two dead as plateau govt imposes curfew in Jos

By: Zagazola Makama

A reprisal attack has claimed the lives of two persons in Jos North Local Government Area of Plateau State, following an earlier shooting incident along the Jos–Bauchi highway.

A security source said the incident occurred on March 29 at Angwan Rukuba junction, where residents allegedly carried out retaliatory attacks on passersby after a morning assault by gunmen.

According to the source, the initial attack, which occurred at about 7:30 a.m., involved assailants who drove on a vehicle and opened fire on commuters, killing several persons and injuring others before fleeing the scene.

Security sources blamed the attack on cultist, while some blame it on the fulani bandits, sone said they are Boko Haram while some maintain that the attackers were some criminal elements because they fled in a vehicle.

Sources however said that in the aftermath of the shooting, some aggrieved residents reportedly attacked unsuspecting passersby on the highway, resulting in the death of two persons,” the source said.

He added that the situation created heightened tension in the area, with fears of further escalation.

The situation further compounded after a Foreigner went to the scene of the accident to demonstrate and threatened to President Bola Ahmed Tinubu, saying will regret what he was doing for not admitting Christian Genocide.

The Plateau State Government subsequently imposed an immediate 48-hour curfew to restore calm and prevent additional reprisal attacks.

The source said casualties from the incidents had been evacuated to the Jos University Teaching Hospital (JUTH), while security agencies had commenced investigations to identify and apprehend those responsible.

He noted that no arrests had been made as of the time of filing this report.

The source further stressed the need for sustained security presence and community engagement to de-escalate tensions and prevent a breakdown of law and order.

Security agencies have also intensified patrols and surveillance in the area, as efforts continue to restore normalcy and ensure the safety of residents.

Reprisal attack leaves two dead as plateau govt imposes curfew in Jos

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