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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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Nigerian Embassy in Kuwait Issues Safety Advisory to Citizens Amid Regional Tensions

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Nigerian Embassy in Kuwait Issues Safety Advisory to Citizens Amid Regional Tensions

By: Michael Mike

The Embassy of the Federal Republic of Nigeria in the State of Kuwait has urged Nigerian nationals in Kuwait and Bahrain to remain calm, vigilant, and compliant with host government ldirectives in light of prevailing regional developments.

In a circular dated March 1, 2026, and referenced NKT/GA/C/004/Vol. I, the Embassy — which holds concurrent accreditation to the Kingdom of Bahrain — advised citizens to strictly observe safety guidelines and official advisories issued by authorities in both countries.

The mission encouraged Nigerians to stay informed by monitoring credible local news outlets and official government announcements in Kuwait and Bahrain. It assured the community that it is closely tracking the situation and maintaining communication with leaders of Nigerian groups and associations in both countries.

To enhance real-time communication, the Embassy announced the creation of a dedicated mobile and WhatsApp line to ensure active engagement with nationals.

For further inquiries or assistance, Nigerians were advised to contact the Embassy via email at nigeriakuwait@yahoo.com or through the designated telephone and WhatsApp numbers provided by the mission.

The Embassy reaffirmed its commitment to the safety and welfare of all Nigerian citizens in its jurisdiction and pledged to continue providing timely updates as the situation evolves.

Nigerian Embassy in Kuwait Issues Safety Advisory to Citizens Amid Regional Tensions

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Gov. Fintiri’s defection will boost APC’s chances of winning in 2027 – Dr Girei

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Gov. Fintiri’s defection will boost APC’s chances of winning in 2027 – Dr Girei

Dr Salihu Bakari Girei, Gubernatorial aspirant under the platform All Progressives Congress (APC) in 2027 described the defection of Governor Ahmadu Fintiri to the ruling party as a welcome development for the APC in the state.

Girei said that his defection is coming at the right time to galvanise the party’s victory in 2027 General Elections at the national and sub national level.

Dr Girei who is one of the founding fathers of the APC in the state disclosed this in an interview with newsmen in Yola.

He said, Fintiri joined APC at the right time considering his outstanding performance in the state which he said was in line with President Tinubu’s transformation agenda.

He added that the defection would add value to the APC family and also help deliver dividends of democracy to the ordinary people that are yearning for good governance as well as to fast-track development.

He said Fintiri has performed credibly well, in line with his 10-point agenda for the state to justify the people’s trust in his leadership and administration.

Dr Girei further lauded President Bola Tinubu for his effort and strategy in addressing Nigeria’s challenges for and ensuring rapid development.

He said, “President Tinubu is very strategic in addressing Nigeria’s challenges and many now understood that Mr President meant well for this country and has turned the fortune of the country around for good.”

According to him, records have shown that the dollar has crashed, the economy stabilized, security improved, food is affordable and issues of strikes are no more among others.

Bakari-Girei said, all these are factors that naturally attract people joining the APC across the country for more development in the country.

He queried those saying that President Tinubu is turning the country into a one-party system, recalling that the PDP once had 30 governors and no one complained.

“Today people have decided to join APC because of many factors initiated by the President Tinubu administration that naturally attracted people to join APC and support Mr President.”

He pointed to President Tinubu’s history as governor of Lagos, where opposition platforms continued to function, as evidence of his commitment to multi-party democracy.

He also appreciated the foresight of the President for appointing Malam Nuhu Ribadu, National Security Adviser who has invested much in APC in the state.

He further urged unity and understanding of all APC stakeholders in the state for the progress and success of the party at all levels.

Gov. Fintiri’s defection will boost APC’s chances of winning in 2027 – Dr Girei

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Community Court of Justice, ECOWAS Moves to Boost Enforcement of Judgments with High-Level Talks in Republic of Guinea

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Community Court of Justice, ECOWAS Moves to Boost Enforcement of Judgments with High-Level Talks in Republic of Guinea

By: Michael Mike

The Community Court of Justice, ECOWAS will hold a high-level bilateral meeting in the Republic of Guinea from March 2 to 4, 2026, as part of efforts to strengthen the enforcement of its judgments across Member States.

The three-day engagement, organised in commemoration of the 50th anniversary of the Economic Community of West African States, is expected to bring together the Court’s delegation, Guinea’s Competent National Authority (CNA), senior government officials, and representatives of civil society to address persistent challenges in implementing the Court’s rulings.

At the heart of the meeting is the push to close the gap between judicial decisions and their execution at the national level. While the ECOWAS Court continues to deliver landmark judgments on human rights, governance, and community law, enforcement remains a critical concern in several jurisdictions. The Guinea dialogue is aimed at building a more effective, coordinated, and transparent enforcement framework.

Discussions will focus on practical strategies to improve compliance rates, streamline procedures, and strengthen collaboration between national institutions and the regional court. Participants are expected to review existing bottlenecks, share best practices, and identify sustainable solutions that can enhance uniformity in enforcement mechanisms across the sub-region.

The programme will include a dedicated forum examining the current status of enforcement of the Court’s judgments in Guinea, alongside presentations on the Court’s enforcement processes and the national legal landscape. Civil society organisations will also engage directly with the Court in a bilateral dialogue designed to promote accountability and inclusive participation.

Beyond the technical sessions, the Court’s delegation will pay courtesy visits to key government figures, including the Minister in charge of ECOWAS Affairs, the Minister of Justice, the Minister of Finance, the President of the Supreme Court, and the Speaker of Parliament. Meetings are also scheduled with the Chairperson of the Human Rights Commission and the President of the Bar Association.

The delegation will be led by the President of the Court, Ricardo Cláudio Monteiro Gonçalves, and will include Vice-President Sengu Mohamed Koroma, Honourable Justice Gberi-Bè Ouattara, as well as directors and other officials.

Similar bilateral meetings have previously taken place in the Republic of Sierra Leone and the Federal Republic of Nigeria, reflecting the Court’s broader strategy to institutionalise cooperation and reinforce the authority of its judgments throughout West Africa.

As ECOWAS marks five decades of regional integration, the Guinea engagement signals a renewed determination to ensure that the decisions of its judicial arm are not only pronounced but fully implemented—strengthening the rule of law and deepening trust in regional justice systems.

Community Court of Justice, ECOWAS Moves to Boost Enforcement of Judgments with High-Level Talks in Republic of Guinea

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