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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
Troops Intervene in Farmer-Herder Clash in Riyom, Recover 37 Sheep
Troops Intervene in Farmer-Herder Clash in Riyom, Recover 37 Sheep
By: Zagazola Makama
Troops of Operation Enduring Peace (OPEP) have intervened in a farmer-herder clash in Riyom Local Government Area of Plateau State, rescuing the injured parties and securing livestock pending peaceful resolution of the dispute.

Security sources Zagazola Makama that the incident occurred at about 2:00 p.m. on May 11 at Potok Fongon village in Ganawuri District of Riyom LGA.
The sources said troops of Sector 6 OPEP deployed at Ganawuri responded swiftly following reports of a clash between a farmer, Mr Fon Gehgeh, and a herder, Mr Usman Iliyasu, over alleged grazing on farmland.

According to the sources, troops arrived at the scene and found both men with varying degrees of injuries sustained during the altercation.

The victims were immediately evacuated to the Primary Health Centre in Ganawuri for medical treatment.

The troops also recovered 37 sheep belonging to the herder and moved them to a safe location pending amicable settlement of the dispute by relevant authorities and community leaders.

Security officials said efforts were ongoing to ensure peaceful resolution of the matter and prevent escalation of tensions within the community.
Troops Intervene in Farmer-Herder Clash in Riyom, Recover 37 Sheep
News
Alleged Coup Trial: Cleric Says He Warned That The Plot Would Fail
Alleged Coup Trial: Cleric Says He Warned That The Plot Would Fail
*Admits he received money for ‘prayers’
By: Zagazola Makama
A Federal High Court in Abuja, on Monday, viewed a video- recorded statement by Sheikh Sani Abdulkadir, the sixth defendant in the ongoing trial of persons accused of conspiring to overthrow the government of President Bola Tinubu.
In the recording, the Sheikh, who admitted receiving money to pray for the success of the operation, however, claimed that he warned the alleged plotters that their plan was doomed and that they would be sabotaged from within.
The video recording was played during the continuation of trial proceedings, with the fourth prosecution witness (PW4) still in the witness box.
In the recording, Abdulkadir, an Islamic cleric, said he had known the alleged ringleader, Colonel Maaji, for less than a year and was approached through an intermediary identified as Sanda to offer spiritual support for the plot.
He told investigators that Sanda informed him that his “Oga” intended to stage a coup and needed prayers regarding its likely success. After conducting the prayers, Abdulkadir said he advised them the operation would fail and that two persons would eventually expose those involved.
A subsequent request was relayed back to him, he said, asking for further prayers to prevent those two individuals from speaking out. Money was later transferred to him for prayers and charity, and names of alleged participants were forwarded for inclusion.
Abdulkadir said he first learnt of the arrests through media reports, after Sanda had informed him that Colonel Maaji had been unreachable for four days. He maintained throughout the recording that the funds he received were strictly for prayers and not in support of any coup attempt.
He also acknowledged understanding that a coup meant a military overthrow of government but said he did not report the plot because he did not know who to report to.
The cleric said his arrest came after he visited the Economic and Financial Crimes Commission (EFCC) to resolve restrictions placed on his bank account.
Upon contacting an EFCC deputy director, he was invited to the commission’s office to explain the source of the funds. He denied making any coup-related statement while in EFCC custody and stated that he was neither assaulted nor tortured, and that all his statements were made voluntarily.
Following the playback, the prosecution sought to tender extra-judicial statements made by all six defendants before a Special Investigation Panel and military police authorities.
However, defence lawyers of all six defendants objected, arguing the statements were either involuntarily obtained or made in violation of the Administration of Criminal Justice Act (ACJA).
Their objections include failure to inform defendants of their right to legal representation; alleged discrepancies between video recordings and corresponding written statements; allegations of coercion, inducement and torture; and claims that the footage did not adequately establish the physical condition of defendants during recording.
Counsel to the fifth defendant further argued that, given the number of accused persons, the court should conduct separate trial-within-trial proceedings for each disputed statement rather than a combined exercise.
Responding, the prosecution urged the court to dismiss the objections, maintaining that the law does not mandate separate proceedings for each defendant and that the trial judge holds discretion over how evidence is received.
Justice Joyce Abdulmalik ruled in favour of a single joint trial-within-trial to determine the voluntariness and admissibility of all the disputed statements.
The case was then adjourned to May 12.
Alleged Coup Trial: Cleric Says He Warned That The Plot Would Fail
News
Gov. Mutfwang Urges Responsible Reporting, Says Plateau Remains Safe for Visitors
Gov. Mutfwang Urges Responsible Reporting, Says Plateau Remains Safe for Visitors
By: Zagazola Manama
Plateau State Governor, Caleb Mutfwang, has urged journalists and social media users to exercise restraint and professionalism in reporting security incidents in the state, warning that unverified reports and sensational narratives were damaging Plateau’s image.
The governor made the appeal during a stakeholders’ engagement in Barkin Ladi Local Government Area following recent security challenges in parts of the state.

Mutfwang said while the government remained committed to transparency and accurate documentation of security incidents, the spread of rumours and misleading reports on social media was negatively affecting public perception of Plateau State.

“I don’t want to suggest to anyone that any incident should be swept under the carpet. We keep accurate data of all accounts, but many people are in a hurry to put things on social media, and in the process, they are destroying the state,” the governor said.
He cautioned against publishing unverified information, noting that false reports often distort facts and create unnecessary panic among residents and outsiders.

According to him, there was a deliberate attempt by some individuals to portray Plateau State as unsafe and discourage tourism and investment in the state.
“There is a deliberate plan to de-market Plateau State and tell the world that Plateau is not a place anybody should visit. But let me reassure Nigerians and the international community that Plateau still remains the Home of Peace and Tourism. Nobody will take that away from us,” he stated.

The governor appealed to media practitioners to remain responsible in their reportage and support ongoing efforts aimed at restoring lasting peace and stability across affected communities.
He reiterated his administration’s commitment to strengthening security operations, protecting lives and property, and creating an enabling environment for economic and tourism activities to thrive in the state.
Gov. Mutfwang Urges Responsible Reporting, Says Plateau Remains Safe for Visitors
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