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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
Heavy Gunfire, Explosions Reported Near Niamey Airport as Security Forces Deploy Across Capital
Heavy Gunfire, Explosions Reported Near Niamey Airport as Security Forces Deploy Across Capital
By: Zagazola Makama
Heavy gunfire and explosions were reported around Diori Hamani International Airport in Niamey, Niger’s capital, on Thursday, triggering a major security response and heightened tension across the city.
Multiple security sources said the incident began in the early hours of the day, with sustained gunfire reportedly lasting for more than two hours.
The exact nature of the incident remained unclear as of press time, with authorities yet to issue an official statement on whether it was a terrorist attack, an armed assault on security installations or an attempted counter-coup operation.
Residents in several parts of the capital were advised to remain indoors while security forces moved to contain the situation.
Sources said a security cordon was established around key locations in the city, extending to the Hospital Roundabout, while heavily armed personnel and military equipment were deployed at multiple checkpoints on roads leading to the Presidential Palace.
Witnesses reported an increased presence of security forces across strategic areas of the capital as authorities sought to restore calm and prevent any escalation.
Diori Hamani International Airport, which hosts Air Base 101, is regarded as one of Niger’s most strategic security installations and is located about 10 kilometres from the Presidential Palace.
The facility was previously targeted during an attack attributed to suspected Islamic State Sahel Province (ISSP) and ISWAP fighters on Jan. 28 and 29, 2026.
However, there was no immediate indication that Thursday’s incident was linked to the earlier attack, and no group had claimed responsibility as of the time of filing this report.
Sources said the situation was gradually stabilising, although security operations remained ongoing across the city.
Authorities are expected to provide further details as investigations continue.
Heavy Gunfire, Explosions Reported Near Niamey Airport as Security Forces Deploy Across Capital
Troops Recover Rustled Cow, Rescue Driver from Mob Attack in Kaduna
By: Zagazola Makama
Troops of Operation Enduring Peace have recovered a rustled cow and rescued a driver from an attempted mob attack following a cattle rustling incident in Igabi Local Government Area of Kaduna State.
Security sources said troops of Sub-Sector 6 responded to a distress call at about 2:45 a.m. on Tuesday following reports of cattle rustling at Wuro Goshe Village.
According to the sources, the suspected rustlers fled the scene upon sighting the troops, abandoning a vehicle loaded with a cow believed to have been stolen.
The troops subsequently rescued the driver of the vehicle from an attempted lynching by angry youths who had gathered at the scene.
The driver was evacuated to the Jaji Military Cantonment Medical Centre for treatment.
The recovered cow was later identified and handed over to its rightful owner, while the abandoned vehicle remains in military custody pending further investigation and necessary action.
Security agencies are continuing efforts to identify and apprehend the fleeing suspects.
Troops Recover Rustled Cow, Rescue Driver from Mob Attack in Kaduna
APC Chairman, Uzodimma Rally Diaspora Support for Tinubu, Call for Unity Ahead of 2027
By: Michael Mike
National Chairman of the ruling All Progressives Congress (APC), Prof. Nentawe Yilwatda, and Governor of Imo State, Chief Hope Uzodimma, have urged Nigerians in the diaspora to close ranks and mobilise support for President Bola Tinubu and his Renewed Hope Agenda.
The call was made during a Strategic Global Diaspora Conference organised by the Directorate of Diaspora and Global Affairs of the Renewed Hope Ambassadors, which brought together more than 600 participants from across Africa, the United Kingdom, America, Canada, Europe and Australia.
Addressing the virtual gathering, Yilwatda stressed the need for greater cohesion among APC members abroad, saying a united diaspora community would be instrumental in projecting Nigeria’s image and effectively communicating the administration’s reforms and achievements.
He advocated the establishment of structured media teams to counter misinformation and negative narratives about Nigeria while promoting the country’s progress on the global stage.
The APC chairman also highlighted the importance of diaspora participation in voter education initiatives, investment mobilisation and broader support for the Tinubu administration.
Uzodimma, who also serves as Director-General of the Renewed Hope Ambassadors, underscored the strategic role of Nigerians abroad in grassroots mobilisation, urging them to remain united and committed to ensuring the success of President Tinubu’s administration and securing electoral victory for the APC in 2027.
Governor Uba Sani of Kaduna State, who is Deputy Director-General of the Renewed Hope Ambassadors, described the diaspora community as a critical political asset capable of mobilising support across various constituencies.
He commended the Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, for convening the conference, noting that Nigerians abroad could play a decisive role in sustaining the party’s grassroots reach.
Minister of Humanitarian Affairs and Poverty Reduction, Dr. Bernard Doro, called for stronger connections between diaspora expertise and grassroots governance. He advocated the establishment of a vibrant media structure involving young Nigerians to showcase government achievements and combat misinformation.
Also speaking, Chief of Staff to the Governor of Lagos State and Coordinator of the Renewed Hope Ambassadors in the state, Chief Tayo Ayinde, highlighted what he described as key gains of the Tinubu administration, including renewed investor confidence, large-scale infrastructure development and the implementation of interest-free student loans through the Nigerian Education Loan Fund (NELFUND).
For her part, Dabiri-Erewa pledged to deepen engagement with millions of APC members in the diaspora through effective communication and policy dissemination strategies.
The APC Diaspora Coordinating Chairman, Mr. Tunde Doherty, and the Operational Director of the Renewed Hope Ambassadors, Mr. Tayo Shodeinde, described the conference as an “August gathering” of APC diaspora leaders and representatives worldwide aimed at strengthening coordination for future initiatives.
Participants at the conference pledged total support for the organisation’s objectives and called for improved communication channels, greater engagement with government officials and wider dissemination of President Tinubu’s achievements among Nigerians abroad.
Organisers said the global virtual conference would become a continuous programme designed to foster unity among diaspora communities and consolidate support for the Renewed Hope Agenda.
APC Chairman, Uzodimma Rally Diaspora Support for Tinubu, Call for Unity Ahead of 2027
Heavy Gunfire, Explosions Reported Near Niamey Airport as Security Forces Deploy Across Capital
Troops Recover Rustled Cow, Rescue Driver from Mob Attack in Kaduna
APC Chairman, Uzodimma Rally Diaspora Support for Tinubu, Call for Unity Ahead of 2027
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