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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
AT ARMED FORCES CELEBRATION AND REMEMBRANCE DAY
ALL IN HONOUR OF OUR NATION’S FALLEN HEROES
By: Our Reporter
Vice President Kashim Shettima today represented President Bola Ahmed Tinubu GCFR at the 2026 Armed Forces Celebration and Remembrance Day ceremony held at the National Arcade in Abuja.
Also in attendance were the President of the Senate, Senator Godswill Obot Akpabio; the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun; the Deputy Speaker of the House of Representatives, Benjamin Kalu; ministers, service chiefs and other government officials.
The solemn event commemorates the courage and sacrifices of Nigeria’s fallen heroes who gave their lives in service to the nation.
AT ARMED FORCES CELEBRATION AND REMEMBRANCE DAY
Technology enhances immersive reading experience in Beijing
By Shi Fang, People’s Daily
“Mr. Lu Xun, could you recommend one of your classic works?”
“If I were to suggest one, perhaps Call to Arms would be a good starting point…”
This conversation took place at the Metaverse Experience Hall of the Beijing Library. Supported by artificial intelligence (AI) and other emerging technologies, the hall offers visitors a novel approach to immersive reading and knowledge-based social engagement.
As one of three institutions under the Capital Library of China, the Beijing Library has introduced an AI-powered digital human modeled after renowned Chinese writer Lu Xun. Historically, Lu Xun played a role in establishing the predecessor of the Capital Library of China. Today, his digital incarnation symbolizes the library’s digital transformation.
“We developed the digital Lu Xun using AI technologies to provide guided tours, recommend books, and introduce local cuisine and cultural sites,” explained Fei Jun, professor with the School of Design, the Central Academy of Fine Arts, and creative director of the Metaverse Experience Hall. His team conducted in-depth research on Lu Xun’s life and works to create a realistic and multidimensional digital persona.
In addition to the digital Lu Xun, Fei’s team created two other digital characters, “Tutu” and “2122,” each with distinct personalities: one childlike and the other futuristic. These avatars, driven by large language models, engage visitors in conversations about literature and everyday life. Since the library opened at the end of 2023, these AI characters have participated in more than 1.7 million voice interactions.
Seven-year-old reader Wang Jiayi eagerly asked “2122” questions such as, “Why did dinosaurs go extinct?” and “Why do maple leaves turn red in autumn?” Her mother commented, “The digital humans are engaging and informative. They genuinely spark children’s interest in learning.”
Entering the library feels akin to stepping into a digital universe.
Visitors can scan a QR code to verify their identity, customize their attire, and quickly generate digital avatars within the Metaverse. These avatars can navigate virtual spaces such as the Children’s Library, Ancient Books Collection, Art Literature Library, and Intangible Cultural Heritage Library, exploring venue information and upcoming events.
Readers also interact with one another via their digital avatars, sharing reading lists, exchanging book reviews, and bridging online and offline reading experiences.
Looking ahead, the library plans to introduce additional immersive features, including personalized virtual study rooms. “Our goal is to offer a multisensory experience — visual, auditory, and even tactile — so users feel as if they’ve entered a parallel world for immersive reading,” Fei said. His team is also developing an online version of the metaverse library, enabling remote access to its digital environment and vast knowledge collections.
“Beyond traditional print books, we want to create a technology-enhanced environment that sparks curiosity and encourages readers to explore knowledge in innovative ways,” said Li Nianzu, deputy director of the Capital Library of China.
Photo shows the Beijing library under the night sky. (Photo/Fan Jiashan)
Readers visit the Metaverse Experience Hall of the Beijing Library. (Photo/Fan Jiashan)
A reader interacts with the digital Lu Xun at the Metaverse Experience Hall of the Beijing Library. (Photo from Beijing Youth Daily)
Technology enhances immersive reading experience in Beijing
Rights Groups Condemn Demolition of Makoko, Call for Immediate Halt
By: Michael Mike
A coalition of national and international human rights, environmental, and social justice organisations has condemned what they describe as the “violent and unlawful” demolition of Makoko, a historic waterfront fishing community along the Lagos Lagoon.
In a joint statement released, the groups alleged that demolition activities began on January 5, 2026, and have continued despite outcry from residents and civil society actors.
According to the organisations, government-backed demolition teams have destroyed homes, schools, health facilities, and religious buildings, leaving hundreds of families without shelter.
Eyewitness accounts cited in the statement claim that security personnel accompanying the demolition teams used tear gas and excessive force against residents, including women, children, and elderly persons. Displaced families are reportedly sleeping in boats, churches, and open spaces along the lagoon as they struggle to find temporary refuge.
The coalition further noted that Makoko is not an isolated case. Over the past year, thousands of residents across several Lagos waterfront and informal communities—including Oko-Baba, Ayetoro, Otumara, Baba-Ijora, Oworonshoki, and Precious Seeds—have faced similar evictions. In many cases, demolitions were carried out without prior notice, consultation, or resettlement plans.
The groups also referenced past demolitions in Badia East, Otodo-Gbame, Maroko, Monkey Village, Ilaje-Bariga, and Ifelodun, saying the Lagos State Government has repeatedly ignored court orders restraining such actions. They alleged that several deaths have been linked to forced evictions over the years.
“The pattern reflects a systemic disregard for human rights, due process, and the rule of law,” the statement read. “These actions violate Nigeria’s constitution and international human rights obligations while deepening Lagos’s housing crisis.”
The coalition called on the Lagos State Government to immediately suspend all ongoing demolitions, respect existing court injunctions, investigate allegations of abuse, and provide fair compensation and adequate resettlement for affected residents.
They also urged authorities to adopt more inclusive, rights-based, and environmentally sustainable urban planning that protects livelihoods rather than displacing vulnerable communities.
The statement was signed by 23 organisations, including Health of Mother Earth Foundation (HOMEF), Corporate Accountability and Public Participation Africa (CAPPA), Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), Policy Alert, WoMin African Alliance, and Norway’s Rafto Foundation for Human Rights, among others.
As of press time, the Lagos State Government had not issued an official response to the allegations.
Rights Groups Condemn Demolition of Makoko, Call for Immediate Halt
AT ARMED FORCES CELEBRATION AND REMEMBRANCE DAY
Technology enhances immersive reading experience in Beijing
Rights Groups Condemn Demolition of Makoko, Call for Immediate Halt
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