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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 Rescue Two Herders Injured in Attack by Suspected Militia in Plateau
Troops Rescue Two Herders Injured in Attack by Suspected Militia in Plateau
By: Zagazola Makama
Troops of Operation Enduring Peace have rescued two herders who were attacked and injured by suspected militia members while grazing livestock in Bassa Local Government Area of Plateau State.
Security sources disclosed that the incident occurred at about 5:30 p.m. on June 18 around Rafin Bauna community in Bassa LGA.
According to the report, troops of Sector 3, Operation Enduring Peace, responded swiftly to a distress call indicating that armed men suspected to be members of an Irigwe militia group had attacked two herders in the area.
Upon arrival at the scene, the troops engaged in a rapid intervention that forced the attackers to flee before further harm could be inflicted on the victims.

The troops subsequently conducted a combing operation of the surrounding area and successfully rescued the two victims.
The victims were identified as Yusuf Isiaku, who sustained a gunshot wound to the shoulder, and Mubarak Lawan, who suffered minor bruises during the attack.
Military sources said both victims were immediately evacuated to a nearby medical facility for treatment and are currently receiving medical attention.
“The prompt response of troops prevented the situation from escalating and ensured the safe evacuation of the victims for urgent medical care,” the source said.
Security agencies have since launched efforts to track down and apprehend those responsible for the attack.
The military assured residents of its commitment to protecting lives and property across Plateau State and other areas within its operational responsibility.
Operation Enduring Peace also urged members of the public to continue providing credible information that could assist security agencies in identifying and arresting criminal elements threatening peace in communities.
The latest incident pointed to the persistent security challenges in parts of Plateau State, where security forces continue to intensify efforts to prevent attacks, protect vulnerable communities and promote peaceful coexistence among residents.
Troops Rescue Two Herders Injured in Attack by Suspected Militia in Plateau
News
One Killed, Two Injured in Attack on Herders by Berom Militia in Plateau
One Killed, Two Injured in Attack on Herders by Berom Militia in Plateau
By: Zagazola Makama
One herder was killed and two others sustained gunshot injuries following an attack by Berom Militia in Riyom Local Government Area of Plateau State, prompting calls for justice and renewed efforts to prevent further violence in the area.
Security sources said troops of Operation Enduring Peace responded to a distress call at about 4:00 p.m. on June 18 following reports of an attack on Fulani herders in a bush area around Torok Community in Rim District of Riyom LGA.
According to the sources, troops of Sector 6 were immediately deployed to the scene.
Upon arrival, the troops discovered the corpse of a Fulani man identified as Abdul Samaila, while two other victims were found with gunshot wounds.
The injured victims were evacuated to a nearby hospital for medical treatment, while troops commenced domination patrols and a manhunt for the attackers, who had fled before the arrival of security personnel.
“The troops responded promptly to the report and found one victim dead and two others injured. The wounded victims were evacuated for medical attention, while efforts are ongoing to track down the perpetrators,” a security source said.
Meanwhile, the Fulani Community in Riyom Local Government Area has condemned the attack, describing it as tragic and unfortunate.
In a statement issued on Friday, community leaders alleged that the victims were attacked by armed persons while grazing in the Torok area.
The community identified the deceased as Abdurrahman Ibrahim, 25, from Bangai settlement, while the injured victims were named as Abbas Saidu, 18, and Bashiru Rabi’u, 15.
The statement expressed condolences to the family of the deceased and wished the injured victims a speedy recovery.
The community called on security agencies to conduct a thorough investigation into the incident, arrest those responsible and ensure they are prosecuted in accordance with the law.
It also appealed to the Federal Government, Plateau State Government, traditional rulers, religious leaders and security agencies to intensify efforts toward protecting lives and property across the state.
According to the statement, justice and accountability remain critical to ending recurring cycles of violence and reprisals in communities within Riyom and other parts of Plateau State.
The community further urged its members to remain calm and avoid any form of retaliation, stressing the need to allow security agencies and relevant authorities to carry out their constitutional responsibilities.
Residents of the area said the latest incident has heightened concerns over security in parts of Riyom, which has witnessed periodic tensions and attacks involving farming and herding communities over the years.
Security agencies have assured residents that efforts are ongoing to apprehend those behind the attack and maintain peace in the affected communities.
The incident is the latest in a series of security challenges confronting parts of Plateau State, where authorities continue to advocate dialogue, peaceful coexistence and adherence to the rule of law as means of resolving disputes.
One Killed, Two Injured in Attack on Herders by Berom Militia in Plateau
News
Troops Rescue Kidnap Victim During Offensive Operation Along Plateau-Kaduna Border
Troops Rescue Kidnap Victim During Offensive Operation Along Plateau-Kaduna Border
By: Zagazola Makama
Troops of Operation Enduring Peace have rescued a kidnapped victim during a clearance operation in the rugged hills bordering Plateau and Kaduna States.
Security sources disclosed that the rescue followed a suspected kidnap incident and the discovery of an abandoned vehicle loaded with pigs along the Manchok Road corridor within the Bum-Tongorong Hills area of Riyom Local Government Area of Plateau State.
According to the sources, troops of Sector 6 launched an offensive operation between June 18 and June 19 in the high grounds and forested areas of the Bum-Tongorong axis, a location known for criminal activities along the Plateau-Kaduna border.
The operation was aimed at tracking suspected kidnappers believed to have abducted a traveller in the area.
Military authorities said sustained pressure mounted by the troops forced the kidnappers to abandon their captive and flee into the surrounding bushes.
The rescued victim was identified as Mr Irimiya Alamba Rahol, a resident of Barkin Ladi Local Government Area of Plateau State.
The victim was reportedly found with injuries and was immediately evacuated to a Primary Healthcare Centre in Kamaru, Kauru Local Government Area of Kaduna State for medical treatment.
“The offensive operation yielded positive results as troops successfully rescued the kidnapped victim after the criminals abandoned him due to the intense pressure mounted by security forces,” a military source said.
The source added that the victim’s vehicle was also recovered during the operation and arrangements were made to reunite him with his family.
Security personnel have since contacted the victim’s relatives and informed them of his rescue and current medical condition.
Military authorities said follow-up operations were ongoing to track and apprehend the fleeing kidnappers.
The operation forms part of ongoing efforts by Operation Enduring Peace to dismantle criminal hideouts and deny kidnappers freedom of movement across flashpoints in Plateau State and adjoining areas of Kaduna State.
Residents of communities along the border areas have repeatedly raised concerns over incidents of kidnapping and armed attacks, prompting increased military presence and intelligence-driven operations.
Security agencies have assured the public of their commitment to sustaining pressure on criminal elements and ensuring the safety of residents across the Joint Operations Area.
They also urged members of the public to continue providing timely and credible information that could assist security forces in tracking criminal gangs and preventing future attacks.
Troops Rescue Kidnap Victim During Offensive Operation Along Plateau-Kaduna Border
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