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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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80 militants surrender arms, embrace amnesty in Cross River

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80 militants surrender arms, embrace amnesty in Cross River

By: Zagazola Makama

No fewer than 80 militants operating in the creeks of Akpabuyo Local Government Area of Cross River State have voluntarily surrendered their arms and embraced the state government’s peace and reintegration Amnesty framework.

The militants came out in large numbers from the creeks on Friday at Atimbo Rear Area under Operation OKWOK, within the Area of Responsibility of Headquarters 13 Brigade, Nigerian Army and is already being described by as a strategic breakthrough in the fight against coastal militancy and maritime crime in southern Cross River.

Security sources told Zagazola Makama that the surrender was the outcome of months of sustained military pressure combined with discreet dialogue involving community leaders, government officials and security agencies.

Two militant camps dismantled themselves in one coordinated move. The first camp, headed by ThankGod Ebikontei, popularly known as Ayibanuagha, presented 39 fighters. Four additional members, officials said, are expected to report in the coming days.

The second camp, commanded by John Isaac, alias Akpokolo, brought forward 41 fighters. His group, widely known along the waterways as the Akpokolo Marine Forces or “Border Boys,” had controlled large stretches of creeks linking Cross River to neighbouring coastal corridors.

Ten more of his fighters are also expected to join the amnesty process. In total, 80 militants formally stepped out of the creeks and into a state-supervised disarmament and rehabilitation programme.

The disarmament was not symbolic. A significant cache of weapons, equipment and operational assets was voluntarily handed over, illustrating the firepower the groups once commanded.

The sources said that items surrendered included AK-47 rifles, pump-action guns, a Mark 4 rifle, a G3 rifle, multiple single-barrel guns, magazines, speedboats, high-powered boat engines, locally fabricated pistols and assorted military kits.

Of particular concern to security officials was the surrender of an explosive charge and live ammunition, which draw to the attention of the destructive capacity the groups had at their disposal. Also surrendered were machetes, camouflage clothing, tactical vests, knee and elbow guards, and communication tools, all of which painted a picture of organised armed groups rather than loosely structured criminal gangs.

For the Nigerian Army, the scale and quality of the surrendered items confirmed that the amnesty was reaching core actors, not just foot soldiers.

Brig.-Gen. P.O. Alimikhena, Commander of 13 Brigade, Nigerian Army, described the development as a “confidence-building milestone” that validates the military’s dual-track strategy.

“This voluntary surrender shows that consistent operations, combined with constructive dialogue and strong collaboration with the Cross River State Government and other security agencies, can deliver peace,” Alimikhena said.

“We will continue to secure the environment while supporting lawful initiatives that reintegrate repentant youths and ensure lasting stability.”he said.

Military sources said the success in Akpabuyo followed intensified patrols, improved intelligence flow and engagement with local power structures in creek communities.

After the formal disarmament, the former militants were handed over to the Cross River State Government’s Rapid Response Team.
They are currently undergoing profiling by the Department of State Services (DSS) at Muka Sam Hotel in Ikot Ansa, Calabar.

The exercise is designed to verify identities, assess security risks and determine eligibility for rehabilitation, skills training and reintegration support. Officials said the profiling phase is crucial to ensuring that only genuine repentant militants benefit from the programme and that criminal elements do not exploit the amnesty.

Akpabuyo Local Government Area sits along a strategic maritime corridor that links Cross River’s inland communities to coastal and cross-border trading routes. For years, militancy in the area has affected fishing, boat transport, palm produce trade and cross-border commerce with Cameroon.

Sea robbery, illegal taxation of fishermen, extortion and violent turf battles turned the creeks into zones of fear. The collective withdrawal of two major camps in one day is therefore both a psychological and operational shift. It sends a signal that militancy is no longer the dominant survival strategy for youths in the area.

The Nigerian Army credited the success of the Akpabuyo amnesty to what it called “effective civil-military collaboration,” singling out the Cross River State Government under Gov. Bassey Edet Otu for sustained political backing, coordination and logistical support.

Sources said the state government’s willingness to invest in dialogue, rehabilitation and youth empowerment made the option of peace more attractive than continued life in the creeks.

Beyond the powerful images of surrendered weapons and surrendered men, officials insist the hardest phase lies ahead. Reintegration, monitoring and economic re-engagement will determine whether the peace holds or unravels.

Headquarters 13 Brigade has reaffirmed its commitment to consolidating the gains, warning that while the door to peace remains open, security forces will maintain pressure against any group that chooses violence over dialogue.

They has urged the public to continue providing timely and credible information to security agencies, stressing that the breakthrough in Akpabuyo is not an endpoint, but the foundation for a safer and more stable Cross River State.

80 militants surrender arms, embrace amnesty in Cross River

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Zulum Dismisses Claims of Favoring Candidates for APC Congress

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Zulum Dismisses Claims of Favoring Candidates for APC Congress

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has firmly dismissed rumours circulating that he has anointed individuals for executive positions in the forthcoming All Progressives Congress (APC) party congresses.

In a statement by his Special Adviser on Media, Dauda Iliya, the Governor described the claims as the handiwork of mischief-makers seeking to cause disaffection within the party.

Governor Zulum emphasised that he has not in any fora endorsed any candidate for any party position, whether in Gwoza Local Government Area or any of the state’s 27 local government areas.

“Let me categorically state that I have not anointed any person for the position of Chairman or Secretary of APC in Gwoza local government in the forthcoming party congress. I wish to also stress that I have not anointed any person for any position in the APC congress in any of the 27 local government areas,” Governor Zulum stated.

He further called on party members to disregard the false information, saying, “I am calling on our party faithful and supporters to disregard the rumour as it is a calculated attempt to create disaffection and derail the party from its trajectory.”

The Governor instead urged party stakeholders to continue constructive consultations aimed at identifying credible candidates to be fielded for all party positions.

Zulum Dismisses Claims of Favoring Candidates for APC Congress

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VP Shettima Arrives In Guinea For President Doumbouya’s Inauguration

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VP Shettima Arrives In Guinea For President Doumbouya’s Inauguration

By: Our Reporter

Vice President Kashim Shettima has arrived in Conakry, the capital of Guinea, to represent President Bola Ahmed Tinubu at the inauguration of President-elect Mamady Doumbouya.

The Vice President was received by senior Guinean government officials and members of the Nigerian diplomatic corps ahead of the official ceremony, which is scheduled to take place on Saturday, January 17, at the GLC Stadium in Nongo.

The inauguration of President Doumbouya follows his victory in the December 2025 general elections, signalling the formal end of a four-year military transition.

The Vice President’s attendance at the inauguration affirms Nigeria’s leadership role within the Economic Community of West African States (ECOWAS) and its commitment to the restoration of constitutional order across the sub-region.

Under President Tinubu’s Renewed Hope agenda, Nigeria has continued to position itself as a stabilising force, advocating for democratic governance as a prerequisite for regional prosperity.

The visit also serves as a strategic mission to expand the economic corridor between the two West African nations.

VP Shettima Arrives In Guinea For President Doumbouya’s Inauguration

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