News
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
State Actors Grumble Over Operational Allowances Within the Hadin Kai Theatre.
State Actors Grumble Over Operational Allowances Within the Hadin Kai Theatre.
By: Bodunrin Kayode
There is a quiet grumble within the ranks of the Joint Security team in the Hadin Kai theatre with an allegation that some forward operational bases are paid discriminatory allowances.
Some sources within the non military rankings who spoke with this reporter claim that their military colleagues in some forward operational bases (FOB) are actually paid higher than the rest of them by the pay masters who are supposed to release these funds.
This has actually led to a silent outcry by some of the security personnel within the ranks of the Hadin Kai theatre who have decried what they described as the unnecessary disparity between their operational allowances and that of the military.
“There has been some underground grumbling within the ranks of the uniformed personnel in the Hadin Kai theatre over allowances and I am talking about the para military and the police who are in the team in this very sector one.
” From our investigation, it has never happened before and that makes it strange and we believe it is not known to the theatre commander (TC) who we all know as a just man who wants all of us to be happy.
” And that is why we are passing this injustice through you people because you are equal partners in the battles we are fighting against our common enemy because we believe the wrong will be reversed as soon as he gets to hear.
“At our own FOB for now, I can say the drilling for crude oil has stopped but we are pinning the ground against the criminals. And I must tell you, the main challenges here is water we don’t have enough water and the food served is not that good.
“we have only been allocated two bags of water for one week in this hot weather and the allowance given is 31,000 naira while the military is 45,000 naira sir.
“So why is there a difference in the money while both of us are working in the same assignment. Before the allowance was N45,000 and was equal to that of the Army but now they have reduced non military to N31,000 and they expect us to pay returns of 5,000 inside the same N31,000” Said the angry operative.
Operatives of operation Hadin Kai are made up mostly of the entire military, Federal Police, immigration, customs, Civil defence, custodial service, vigilante and the civilian jtf.
In spite of all these collaboration among services which includes the state security services sometimes, the war has gone on for almost 17 years with no sign of a true, seize fire, table negotiations or a total end of the hostilities between the country and non state actors.
State Actors Grumble Over Operational Allowances Within the Hadin Kai Theatre.
News
Grumble within ranks in joint security team in Borno
Grumble within ranks in joint security team in Borno
By: Bodunrin Kayode
There is a quiet grumble within the ranks of the Joint Security team in the Hadin Kai theatre with an allegation that some forward operational bases are paid discriminatory allowances.
Some sources within the non military rankings who spoke with this reporter claim that their military colleagues in some forward operational bases (FOB) are actually paid higher than the rest of them by the pay masters who are supposed to release these funds.
This has actually led to a silent outcry by some of the security personnel within the ranks of the Hadin Kai theatre who have decried what they described as the unnecessary disparity between their operational allowances and that of the military.
“There has been some underground grumbling within the ranks of the uniformed personnel in the Hadin Kai theatre over allowances and I am talking about the para military and the police who are in the team in this very sector one.
” From our investigation, it has never happened before and that makes it strange and we believe it is not known to the theatre commander (TC) who we all know as a just man who wants all of us to be happy.
” And that is why we are passing this injustice through you people because you are equal partners in the battles we are fighting against our common enemy because we believe the wrong will be reversed as soon as he gets to hear.
“At our own FOB for now, I can say the drilling for crude oil has stopped but we are pinning the ground against the criminals. And I must tell you, the main challenges here is water we don’t have enough water and the food served is not that good.
“we have only been allocated two bags of water for one week in this hot weather and the allowance given is 31,000 naira while the military is 45,000 naira sir.
“So why is there a difference in the money while both of us are working in the same assignment. Before the allowance was N45,000 and was equal to that of the Army but now they have reduced non military to N31,000 and they expect us to pay returns of 5,000 inside the same N31,000” Said the angry operative.
Operatives of operation Hadin Kai are made up mostly of the entire military, Federal Police, immigration, customs, Civil defence, custodial service, vigilante and the civilian jtf.
In spite of all these collaboration among services which includes the state security services sometimes, the war has gone on for almost 17 years with no sign of a true, seize fire, table negotiations or a total end of the hostilities between the country and non state actors.
Grumble within ranks in joint security team in Borno
News
EU Commits €235 Million to Tackle Escalating Humanitarian Crises in West and Central Africa
EU Commits €235 Million to Tackle Escalating Humanitarian Crises in West and Central Africa
By: Michael Mike
The European Commission has unveiled a €235 million humanitarian aid package aimed at addressing the deepening crises across West and Central Africa, where conflict, hunger, displacement, and climate shocks continue to devastate millions of lives.
The funding will target the region’s most vulnerable populations, including those affected by armed conflicts, food insecurity, forced displacement, and communities cut off from essential services. A significant portion—€75 million—has been earmarked for the Central Sahel, widely regarded as the epicentre of the region’s instability.
Other allocations include more than €72 million for Chad, €33 million for Nigeria, €22 million for the Central African Republic, €16.6 million for Cameroon, €4.8 million for Mauritania, and over €6 million for coastal countries. An additional €6.4 million will support region-wide humanitarian initiatives.
Announcing the intervention, Hadja Lahbib, European Commissioner for Equality, Preparedness and Crisis Management, described the situation as a convergence of multiple emergencies.
“West and Central Africa is facing a storm of humanitarian crises, driven by conflict, poverty, hunger, instability, and climate shocks,” she said, recalling firsthand encounters with displaced families during a visit to Chad.
According to Lahbib, the aid will provide critical relief, including food, clean water, healthcare, shelter, and access to education for children whose lives have been disrupted by violence and displacement.
The region’s humanitarian situation remains dire, with conflicts in the Central Sahel and the Lake Chad Basin continuing to spill across borders, intensifying instability in coastal nations and triggering widespread displacement. The ongoing crisis in Sudan has further strained resources in eastern Chad, while separate emergencies persist in north-western Nigeria, parts of Cameroon, and the Central African Republic.
The European Union reiterated its commitment to acting as a reliable humanitarian partner, emphasizing that the intervention is designed not only to save lives but also to restore dignity and hope for affected communities.
EU Commits €235 Million to Tackle Escalating Humanitarian Crises in West and Central Africa
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