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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
Zulum moves to resettle Konduga IDPs in four months
By: Bodunrin Kayode
Borno State Governor, Professor Babagana Zulum, has announced the planned closure of Konduga internally displaced persons (IDP) camp within the next four months.
This follows the successful closure of Bama IDP camp, the largest displacement facility outside the state capital and the planned shutdown of Gwoza camp.
Speaking to newsmen during a recent visit to the camp, Zulum, however, stressed that the relocation is entirely voluntary and no one will be forced to resettle where they are not willing to go.
The Governor has consistently maintained that returning to ancestral homes or other areas of choice must be based on the displaced persons’ expressed willingness.
He said, “We are not carrying out the resettlement process immediately; we are here to discuss with the IDPs so that in the next four months they will be resettled in a dignified manner. I believe you heard from the IDPs that they are willing to return home. Return shall be voluntary, not by force”.
During his visit to Konduga, Governor Zulum inspected resettlement houses currently under construction in Amarwa and later proceeded to Maiwa in Mafa LGA. The Amarwa resettlement city, for which the governor had earlier laid the foundation, is being built to shelter displaced persons living in camps.
In Maiwa, the state government is constructing massive housing units as part of the ongoing resettlement programme. The resettlement houses are equipped with public facilities like a primary healthcare centre, a water facility, and other basic amenities.
Zulum was accompanied by the member of the House of Representatives, Engr Bukar Talba; the Member of the House of Assembly for Konduga, Hon. Bukar Modu; the Commissioner for Local Government and Emirate Affairs, Sugun Mai Mele; and other senior government officials.
Zulum moves to resettle Konduga IDPs in four months
Zulum Announces Closure of Konduga IDP Camp as Borno Accelerates Resettlement Drive
…Inspects ongoing housing projects in Amarwa, Maiwa
By: Michael Mike
Borno State Governor, Professor Babagana Zulum, has announced plans to close the Internally Displaced Persons (IDP) camp in Konduga Local Government Area as part of efforts to accelerate the state’s ongoing resettlement programme.
The move comes shortly after the successful closure of the Bama IDP camp, which was the largest displacement camp outside Maiduguri, as well as preparations for the shutdown of the Gwoza IDP camp.
Governor Zulum, who disclosed the plan during a visit to Konduga, said the resettlement of displaced persons would be carried out in a dignified and voluntary manner, stressing that no resident would be forced to return to any location against their will.
The governor said the government would engage with the displaced communities before the process begins, noting that the return of IDPs must be based on their readiness and willingness.
“We are not carrying out the resettlement process immediately; we are here to discuss with the IDPs so that in the next four months they will be resettled in a dignified manner. I believe you heard from the IDPs that they are willing to return home. Return shall be voluntary, not by force,” Zulum said.
During the visit, the governor inspected ongoing construction work at the Amarwa resettlement city, where housing units are being developed for displaced families. The project, which was earlier inaugurated by the governor, is designed to provide a permanent settlement option for residents currently living in camps.
Governor Zulum also visited Maiwa in Mafa Local Government Area, where the state government is constructing additional housing units under its resettlement initiative.
The housing projects include essential social infrastructure such as primary healthcare centres, water facilities and other basic amenities aimed at ensuring sustainable living conditions for returnees.
The Borno State Government has continued to prioritise the rebuilding of communities affected by years of insurgency, with the closure of IDP camps forming part of a broader strategy to restore normalcy, rebuild livelihoods and support the safe return of displaced residents.
Governor Zulum was accompanied on the inspection tour by the member representing Bama/Ngala/Kala-Balge Federal Constituency in the House of Representatives, Engr. Bukar Talba; the Konduga State House of Assembly member, Hon. Bukar Modu; Commissioner for Local Government and Emirate Affairs, Sugun Mai Mele; and other senior government officials.
Zulum Announces Closure of Konduga IDP Camp as Borno Accelerates Resettlement Drive
Troops Arrest Two Suspected Terrorist Informants, Cattle Rustlers in Yobe Market
By Zagazola Makama
Troops of Operation HADIN KAI have arrested two suspected terrorist informants and cattle rustlers during a joint operation with local hunters at the Buni Yadi Friday Market in Gujba Local Government Area of Yobe State.
Military sources told Zagazola Makama that the operation was carried out at about 2:00 p.m. on July 24 by troops of 27 Task Force Brigade in conjunction with members of a hunters’ group acting on intelligence.
The suspects were identified as Muhammadu Sani, 32, from Mainahari in Biu Local Government Area of Borno State, and Buba Umaru, 40, from Garin Jauro in Fune Local Government Area of Yobe State.
According to the sources, the operation turned violent when one of the suspects attacked a member of the hunters’ group with a cutlass while resisting arrest.
The hunter sustained severe head injuries during the attack and was immediately attended to, while the troops overpowered and apprehended the suspects.
Preliminary investigations revealed that Muhammadu Sani confessed to serving as a logistics supplier and informant for Boko Haram terrorists for nearly seven years.
He also admitted to leading terrorists to the residences of two local residents, where the insurgents successfully rustled cattle during separate attacks.
Military sources said the confession is expected to assist ongoing intelligence efforts aimed at dismantling terrorist support networks operating within communities across the North-East.
The two suspects are currently in the custody of 27 Task Force Brigade and are undergoing further investigation to determine the extent of their involvement in terrorist logistics, intelligence gathering and cattle rustling activities.
Security officials said the arrest underscores the critical role played by local intelligence and collaboration between troops and community-based security groups in identifying individuals who provide logistical support and operational information to terrorist elements.
They added that troops of Operation HADIN KAI will continue to target terrorist collaborators, informants and logistics networks as part of ongoing efforts to deny insurgents the local support structures that sustain their operations across the North-East.
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