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UN Report: 2024 Could Errand Protracted Period of Low Growth

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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

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Nigeria Launches Unified Framework to Tackle Humanitarian Crises and Poverty

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Nigeria Launches Unified Framework to Tackle Humanitarian Crises and Poverty

By: Michael Mike

The Federal Government has launched a new national framework aimed at ending fragmented humanitarian and poverty interventions through the One Humanitarian–One Poverty Response System (OHOPRS), a coordinated approach designed to align emergency assistance, social protection, and long-term poverty reduction.

The initiative, introduced under the Renewed Hope Agenda of President Bola Tinubu, seeks to harmonize government and partner efforts in responding to humanitarian crises while creating sustainable pathways out of poverty.

The framework was unveiled during a high-level engagement involving federal and state institutions, development partners, humanitarian agencies, academia, and technical organizations. Stakeholders at the meeting emphasized the need for a unified national system capable of addressing the growing complexity of humanitarian needs and multidimensional poverty across Nigeria.

Nigeria’s Minister of Humanitarian Affairs and Poverty Reduction, Bernard M. Doro, said the initiative marks a major shift from isolated interventions to a coordinated national architecture that connects humanitarian assistance with recovery, resilience, livelihoods, and sustainable development.

He stressed that poverty reduction and humanitarian response must be treated as a national priority, particularly in a country facing climate-related shocks, displacement, food insecurity, and widening economic vulnerability.

According to the minister, OHOPRS will help align institutions, resources, and data systems around measurable outcomes for citizens while enabling vulnerable households to transition from dependency to productivity.

International partners welcomed the reform and pledged support for its implementation.

The Resident Representative of the United Nations Development Programme (UNDP) described the framework as an important systems-based reform that places resilience and inclusion at the center of national development. He noted that the initiative provides a platform for linking humanitarian response with long-term development outcomes.

Similarly, the Head of Office of the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA) said the framework strengthens national ownership of humanitarian coordination and improves alignment between humanitarian operations and government systems.

The Country Representative of UNICEF highlighted the opportunity to better reach vulnerable children and families through integrated programming that connects emergency response with education, nutrition, child protection, and social protection services.

The World Bank Country Director also welcomed the initiative, noting that stronger data systems, measurable outcomes, and improved institutional coordination are essential for sustainable poverty reduction.

Support for the initiative also came from the European Union, whose ambassador to Nigeria and ECOWAS emphasized the importance of transparency, evidence-based planning, and stronger partnerships to ensure development investments produce lasting results.

Humanitarian partners also underscored the importance of improved coordination. The head of the European Civil Protection and Humanitarian Aid Operations (ECHO) highlighted the need for better vulnerability targeting and accountability, while the Nigeria Country Director of International Alert noted that poverty, insecurity, and vulnerability are interconnected and require integrated, conflict-sensitive responses.

Experts from academia and government statistical institutions also emphasized the role of research and data in the success of the initiative. The Vice Chancellor of Yakubu Gowon University called for strong collaboration between policymakers and research institutions, while the Statistician-General of the Federation stressed the need for credible data systems to support planning, targeting, and monitoring.

State governments are expected to play a critical role in implementing the framework, aligning their humanitarian and poverty reduction programmes with the national system to ensure better targeting and more responsive service delivery.

A key component of OHOPRS is the development of an integrated data and monitoring ecosystem to track needs, interventions, funding, and outcomes across different levels of government and partner organizations.

Officials say the initiative is not merely a programme but a broad systems reform intended to transform how Nigeria supports vulnerable populations. By linking humanitarian action with long-term poverty reduction, the government hopes to move communities from recurring crises toward resilience and economic opportunity.

The Federal Government called on ministries, state authorities, development partners, civil society organizations, academia, and the private sector to align with the framework and contribute to its implementation, stressing that addressing humanitarian vulnerability and poverty requires coordinated leadership and sustained collaboration.

Nigeria Launches Unified Framework to Tackle Humanitarian Crises and Poverty

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One Week After Black Monday in Maiduguri, Police Headquarters Count Losses

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One Week After Black Monday in Maiduguri, Police Headquarters Count Losses

By: Bodunrin Kayode

As Maiduguri residents continue to count the cost of casualties from last Monday’s IED explosion, the Nigerian Police Command headquarters has said that one of its men, Sergeant David Samuel has lost his life in the tragedy.

The Command which has been very careful in the way the death of the sergeant was managed announced through their spokesman Nahum Daso that it has been established that a police sergeant serving the country in the state paid the supreme sacrifice after being inflicted with multiple wounds at the Monday market explosion.

Until his death, the tall Sergeant David Samuel was one of the guards securing the Monday market against insurgents who have a penchant for penetrating multi billion naira crowded areas like the Monday market.

Though Police Sergeant Samuel did not die on the same Monday evening the tragic incident occurred, he died two days after possibly due to the resultant injuries which led to excessive bleeding.

While many others survived due to the innate resilience of residents of the city to survive, Sam however died two days after the blast on wednesday last week due to what hospital sources described as complications at the University of Maiduguri Teaching Hospital (UMTH) were he was finally admitted after the blast.

Spokesperson of the Police Command who disclosed the sad news to this reporter noted that Sergeant Samuel had reported for duty that day not knowing that last monday would be his last assignment for his country.

“He actually died of multiple injuries not on the spot but in the hospital. The injuries in many parts of his body obviously led to complications coupled with the trauma which would have dealt a heavy blow on him” said ASP Daso.

Sergeant Sam who hails from Askira Uba is survived by his parents, siblings and family members and has since being buried at the Dala cemetery in Maiduguri after the church service held at EYN tanki

Maiduguri had witnessed a lull in such violent active by these criminals until recently when troops embarked on clearance operations dealt heavy blows in the insurgent hideouts inside the Timbuktu triangular and beyond.

One Week After Black Monday in Maiduguri, Police Headquarters Count Losses

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Strong Bilateral Ties, Trade, Others Top Agenda As VP Shettima, Swiss Counterpart Meet

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Strong Bilateral Ties, Trade, Others Top Agenda As VP Shettima, Swiss Counterpart Meet

By: Our Reporter

Switzerland to return Benin bronzes, artefacts to Nigeria, pledges support to combat insecurity in North East

Nigeria and Switzerland have agreed to actively strengthen their bilateral relations, focusing on a multi-faceted approach that spans trade, economic cooperation, skills acquisition, migration, security and cultural exchange.

This was the outcome of the meeting between Vice President Kashim Shettima and the Vice President of Switzerland, Mr. Ignazio Cassis, on Tuesday.

The Nigerian Vice President received his Swiss counterpart and his spouse, Paola Rodoni Cassis, at the presidential wing of the Nnamdi Azikiwe International, Abuja, where they met behind closed doors.

Addressing journalists after the meeting, Vice President Cassis, who is also the Foreign Minister of Switzerland, disclosed that discussions dwelled on improved bilateral relations, free trade agreement, skills acquisition, migration, cultural exchange, and support for Nigeria in tackling the security situation in the North East region.

He said, “We are considering improving our bilateral relations. We are considering to analyse the opportunity of making a free trade agreement with the AfCFTA family and Nigeria. Secondly, we are working together very much in diplomatic efforts to address the many different conflicts in the North Eastern part of Nigeria.

“Thirdly, we are contributing to vocational training in Nigeria, with the Swiss companies in Nigeria creating the best conditions for young people to peacefully live together by being skilled enough to have jobs for the future.”

Vice President Cassis noted that the two countries also agreed to improve cultural cooperation, including restitution of cultural materials, even as he said, “We also have cooperation in migration issue, and every year, we are meeting together, where we explore every facet of this cooperation.”

He expressed gratitude to Nigeria for its continuous presence in the World Economic Forum (WEF) held annually in Davos, just as he congratulated the nation for the Nigeria House commissioned in Davos this year.

Shedding more light on the outcome of the meeting, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, said the discussions were a continuation of the old relationship between both countries that dates back to 1961.

He said, “Vice President Cassis expressed keenness to see Nigeria and Switzerland sign a free trade agreement, and this is a very welcome development. There were other discussions about Swiss businesses and investments. There are so many of them, and that is why from here he goes to Lagos to engage with the private sector.”

The Minister disclosed that the Swiss government also agreed to return bronzes and artefacts belonging to the Benin Kingdom in Edo State, as part of efforts to strengthen cultural ties between both countries.

“There was a general assurance that we need to strengthen the relationship between the two countries not just when it comes to business but also cultural aspect of the relationship.

“So, there are Benin bronzes that are going to be returned from Switzerland. He informed the Vice President that the Swiss Minister of Culture will be visiting Nigeria shortly, and this was something that was highly appreciated,” Tuggar stated.

He said Vice President Shettima welcomed the developments “and assured that Nigeria will continue to engage with Switzerland and continue to attend the World Economic Forum in Davos because there were some uncertainties as to whether it will remain in Davos or not.”

Other members of the Swiss delegation included Director of the Swiss Agency for Development and Cooperation, Ambassador Patricia Danzig; Head of the Africa Division, Ministry of Foreign Affairs, Ambassador Philip Stalder; Head of the Peace and Human Rights Division, Ministry of Foreign Affairs, Ambassador Tim Enderlin, and Swiss Ambassador to Nigeria, Ambassador Patrick Egloff,” among others.

Strong Bilateral Ties, Trade, Others Top Agenda As VP Shettima, Swiss Counterpart Meet

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