Connect with us

News

UN Report: 2024 Could Errand Protracted Period of Low Growth

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

VP Shettima Attends High-Level Meeting On Africa’s Health Security Sovereignty

Published

on

VP Shettima Attends High-Level Meeting On Africa’s Health Security Sovereignty

By: Our Reporter

Shortly after his bilateral discussions with United Nations Secretary-General António Guterres, Vice President Kashim Shettima moved on to a high-level meeting on Building Africa’s Health Security Sovereignty on the sidelines of the African Union Summit in Addis Ababa, Ethiopia.

The session, organized by Africa CDC and fully supported by the Nigerian government, convenes African leaders and health policymakers to chart the path toward strengthening the continent’s health emergency preparedness, response systems, and pharmaceutical independence.

Joining the Vice President at the meeting are key Nigerian officials including the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, and Minister of Foreign Affairs, Amb. Yussuf Tuggar.

Other African health ministers in attendance include Dr. Ibrahim Sy of Senegal, Madalisto Baloyi of Malawi, and Dr. Mekdes Daba of Ethiopia.

VP Shettima Attends High-Level Meeting On Africa’s Health Security Sovereignty

Continue Reading

News

ISWAP suspected in Baga abduction of five civilians

Published

on

ISWAP suspected in Baga abduction of five civilians

By: Zagazola Makama

Five civilians were abducted on Feb. 12, 2026, by suspected Boko Haram/ISWAP terrorists in Doro Baga, Kukawa Local Government Area, Borno State, the Police Command reported.

Sources disclosed that the victims, Alhaji Sani Boyi, Bullama Dan Umaru, Baba Inusa, Abubakar Jan Boris, and Mallam Shaibu, were taken while purchasing fresh fish at a local market around 7:00 a.m.

The troops of Sector 3 Operation HADIN KAI, Civilian Joint Task Force (CJTF)/hunters immediately responded to the incident.

Relevant intelligence has been gathered, and search and rescue operations are ongoing to secure the release of the victims.

ISWAP suspected in Baga abduction of five civilians

Continue Reading

News

Is Russia Immune to Media Scrutiny in Africa?

Published

on

Is Russia Immune to Media Scrutiny in Africa?

•Press freedom, sovereignty and Africa’s refusal to be silence

By Oumarou Sanou

A dangerous precedent is emerging across Africa’s diplomatic and media landscape: the public targeting of individual journalists by foreign missions for simply asking difficult questions. The recent pattern of responses from the Russian Embassy in Nigeria toward African journalists and media platforms raises deeper concerns, not only about geopolitics but also about press freedom, sovereignty, and the dignity of African voices.

Bullying a single African journalist through official diplomatic channels is not merely a disagreement; it is an intolerable affront to free expression. Journalism exists to question power, whether domestic or foreign. When embassies shift from presenting facts to publicly discrediting individuals, the implication is clear: criticism will be punished personally rather than debated professionally. Today it is one journalist; tomorrow it could be an entire media ecosystem.

In recent months, respected outlets, including Premium Times, THISDAY, The Guardian Nigeria, and Leadership Newspaper, have faced unusually harsh diplomatic rebukes after publishing critical analyses. Prominent commentators such as Azu Ishiekwene and Richard Akinnola, as well as Oumarou Sanou, have also been singled out. Instead of counter-evidence, the response has often been personal accusations and insinuations of hidden sponsors. That approach undermines constructive dialogue and erodes trust in diplomatic engagement.

Let us be clear: journalists are human and can make mistakes. Professional reporting welcomes correction. If the facts are incorrect, present evidence, make the data open, and allow readers to judge. Insults, calumny and attempts to destroy professional reputations are not rebuttals; they are attempts to silence scrutiny. No foreign government should expect immunity from questioning on African soil.

Africa’s position in the evolving global order must remain principled and independent. Africans are not invested in the confrontation between Russia and the West; it is not our war. A genuine Pan-African perspective demands equal scrutiny of all external powers. If tomorrow credible evidence emerges that Britain, France, America, China or any other actor is recruiting Africans into foreign conflicts under deceptive pretence, the same criticism must apply. The principle is simple: African lives are not expendable tools in geopolitical struggles.

Reports of African nationals—including Nigerians—fighting and dying thousands of miles away in foreign wars raise serious ethical and security questions. Whether through informal networks, deceptive job offers, or shadow recruitment channels, African citizens are being drawn into conflicts that do not belong to them. Journalists who expose these risks are not attacking any nation; they are protecting their fellow Africans from exploitation and preventable tragedy.

Kenya’s recent stance offers a compelling example. Kenyan authorities publicly condemned the recruitment of their citizens into foreign conflicts and moved to close illegal agencies while seeking diplomatic explanations. That response signals a broader African awakening: governments must prioritise the safety and dignity of their citizens over the sensitivities of powerful partners. Nigeria and other African states would do well to adopt similar vigilance.

Beyond individual cases lies a deeper philosophical question. Neocolonialism today is not defined by flags or territorial control but by influence, dependency and narrative domination. Great powers—East or West—sometimes behave as though African voices must align with their geopolitical agendas. This assumption is unacceptable. Africans have their own interests, challenges and aspirations. We are not puppets in anyone’s strategic theatre.

Respect in diplomacy must be reciprocal. If a foreign embassy publicly attacked a journalist by name inside Moscow, Paris or Washington, would it be considered acceptable conduct? Sovereignty demands mutual respect, not selective outrage. African countries deserve the same diplomatic courtesy that global powers expect at home.

At the same time, African journalism must remain grounded in professionalism and evidence. Responsible reporting strengthens credibility and protects the integrity of public discourse. But professionalism cannot thrive in an atmosphere of intimidation. When journalists are targeted individually, the chilling effect extends far beyond the targeted individual; it discourages others from investigating sensitive issues of public concern.

The response from Africa’s media community must therefore be collective. Silence in the face of intimidation risks normalising it. Journalists, editors and civil society organisations should stand together to defend the right to ask difficult questions without fear of diplomatic retaliation. Protecting a single journalist ultimately concerns protecting the profession and safeguarding the democratic space.

Africa’s future in a multipolar world will depend on its ability to engage all partners while remaining fiercely independent. That independence begins with intellectual sovereignty: the freedom to question everyone and align with no external agenda. Whether criticism targets Russia, Western nations or any other power, the standard must remain consistent: facts over propaganda, dialogue over intimidation, and mutual respect over coercion.

No nation is above scrutiny. No African journalist should be silenced for doing the work that democracy demands.

Oumarou Sanou is a social critic, Pan-African observer and researcher focusing on governance, security, and political transitions in the Sahel. He writes on geopolitics, regional stability, and African leadership dynamics. Contact: sanououmarou386@gmail.com

Is Russia Immune to Media Scrutiny in Africa?

Continue Reading

Trending

Verified by MonsterInsights