Connect with us

News

UN Report: 2024 Could Errand Protracted Period of Low Growth

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

After Owo, Katsina Death Sentences, Kogi Court Imposes Maximum Penalty On Man Arrested By DSS For Kidnapping, Murdering Neighbour

Published

on

After Owo, Katsina Death Sentences, Kogi Court Imposes Maximum Penalty On Man Arrested By DSS For Kidnapping, Murdering Neighbour

Barely 24 hours after a Katsina State High Court sentenced to death a female arms courier arrested by the Department of State Services (DSS), a High Court of Kogi State has also imposed the death penalty on a man the DSS successfully prosecuted for kidnapping and murdering his neighbour, who ran a hotel in Obajana.
The Katsina and Kogi sentences came less than two weeks after a Federal High Court sitting in Abuja, imposed the death penalty on four men arrested by the DSS for carrying out the June 5, 2022 terrorist attack on St. Francis Catholic Church in Owo, Ondo State.

The Kogi court, presided over by Justice Abdul Nicodemus Awulu, on Tuesday, found Jibrin Halilu guilty on the charges of conspiracy and kidnapping, in contravention of Sections 12, 6 (1), and 4 (3)(a) of the Kogi State Kidnapping and Other Related Offences Prohibition Law, 2023. The court subsequently sentenced Halilu to death.

According to the prosecution, on March 23, 2023, Halilu and other members of his armed gang stormed Ever Ready hotel, Angwa-Tiv, in Obajana town,
abducting the proprietor, Uche Andrew Offo. Even though Offo’s family handed his abductors the N2.5 million ransom they demanded, they, nonetheless, killed him.
The DSS prosecutor told the court that operatives of the Service arrested Halilu on December 4, 2025.

“DSS investigations revealed that, while with his abductors, Offo was able to identify Halilu, who happened to be his neighbour, as being part of those who kidnapped him. That was when Halilu, despite the N2.5 million ransom he collected from Offo’s family, still killed him.

“Further investigations by the DSS also linked Halilu and his gang to the April 2, 2023 kidnapping of one Ibrahim Abdullahi, a resident of Oshokoshoko Community in Lokoja, from whom the gang collected a N5 million ransom,” a source also revealed.
The Kogi and Katsina convictions and sentencings come on the heels of a June 3, 2026, landmark verdict by a Federal High Court in Abuja sentencing four men to death for their roles in the June 5, 2022 terrorist attack on St. Francis Catholic Church in Owo, Ondo State.
The court sentenced the quartet of Idris Abdulmalik Omeiza, Al Qasim Idris, Jamiu Abdulmalik, and Abdulhaleem Idris to death by hanging for the attack which resulted in the death of over 40 worshippers and left over 100 persons injured.

“These convictions mark a significant run of courtroom victories for the DSS, reinforcing the message that those who engage in terrorism, kidnapping, and armed violence will not only be caught, but will be prosecuted and made to face the full consequences of their actions,” the source declared.

After Owo, Katsina Death Sentences, Kogi Court Imposes Maximum Penalty On Man Arrested By DSS For Kidnapping, Murdering Neighbour

Continue Reading

News

Troops Rescue Four Kidnap Victims in Katsina, Intensify Hunt for Bandit Kingpin

Published

on

Troops Rescue Four Kidnap Victims in Katsina, Intensify Hunt for Bandit Kingpin

By: Zagazola Makama

Troops of the Nigerian Army have rescued four kidnap victims during ongoing operations targeting a notorious bandit leader, Kachalla Muhammadu Fulani, and members of his criminal gang in Katsina State.

The Katsina State Government disclosed this in a statement issued on Wednesday by the Commissioner for Internal Security and Home Affairs, Dr. Nasir Mu’azu.

The rescued victims were identified as Musa Yakuba, 62; Alhaji Sa’adu Dayi, 68; Mukhtar Danja, 36; and Salisu Danja, 50.

According to the statement, the victims were rescued during sustained military operations in areas where the bandits were believed to be operating.

It added that medical personnel immediately attended to the victims following their rescue, as they had sustained gunshot wounds during their captivity.

The government recalled that the wife of the late Major General Rabe Abubakar (rtd) had earlier been rescued in a related operation.

It noted that the four victims were among those previously seen in a photograph alongside the late senior military officer while in captivity.

The state government commended the bravery, professionalism and commitment of the Nigerian Army and other security agencies involved in the operation.

It stated that the security forces’ relentless efforts continued to yield positive results in the fight against banditry and kidnapping across the state.

The government further assured residents that security operatives remained on the trail of Kachalla Muhammadu Fulani and other criminal elements responsible for terrorising communities.

It emphasised that ongoing operations would continue until all those responsible for acts of terror against innocent citizens were apprehended and brought to justice.

The government reaffirmed its commitment to protecting lives and property and pledged continued collaboration with security agencies to ensure that criminal elements have no safe haven anywhere in the state.

Troops Rescue Four Kidnap Victims in Katsina, Intensify Hunt for Bandit Kingpin

Continue Reading

News

Nigeria, Saudi Arabia Deepen Humanitarian Alliance as NEMA, KSrelief Roll Out Food Aid to Five States

Published

on

Nigeria, Saudi Arabia Deepen Humanitarian Alliance as NEMA, KSrelief Roll Out Food Aid to Five States

By: Michael Mike

The National Emergency Management Agency (NEMA) has reaffirmed its commitment to strengthening humanitarian cooperation with the King Salman Humanitarian Aid and Relief Centre (KSrelief), as both partners move to scale up emergency food assistance for vulnerable communities across Nigeria.

This was disclosed in Abuja when the Director-General of NEMA, Mrs. Zubaida Umar, received a delegation from KSrelief at the agency’s headquarters, where both sides reviewed ongoing collaboration and planned the next phase of direct humanitarian interventions.

Mrs. Umar commended KSrelief for its sustained support to disaster-affected and vulnerable populations in Nigeria, noting that the partnership has continued to reinforce federal humanitarian response efforts, particularly in reaching communities impacted by disasters, food insecurity, and other vulnerabilities.

KSrelief’s representative, Mr. Majeed Alanazi, said the visit was aimed at strengthening coordination with NEMA ahead of the rollout of direct food basket distribution to selected households in targeted states. He emphasized the organisation’s continued commitment to supporting vulnerable populations and improving welfare outcomes in affected communities.

According to the plan, the food assistance programme will be implemented across Yobe, Benue, Kebbi, Taraba, and Anambra States—covering both conflict-affected and food-insecure populations.

Both organisations described the initiative as part of a broader effort to deepen humanitarian reach and ensure more efficient delivery of aid to households most in need across Nigeria.

Nigeria, Saudi Arabia Deepen Humanitarian Alliance as NEMA, KSrelief Roll Out Food Aid to Five States

Continue Reading

Trending

Verified by MonsterInsights