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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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No Badge Should Become a License to Kill — NHRC Condemns Alleged Extrajudicial Killing in Delta

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No Badge Should Become a License to Kill — NHRC Condemns Alleged Extrajudicial Killing in Delta

By: Michael Mike

The National Human Rights Commission (NHRC) has issued a strong condemnation of the alleged extrajudicial killing of a 28-year-old Nigerian, Mene Ogidi, reportedly shot by a police officer in Effurun, warning that the authority of law enforcement must never be abused to take lives unlawfully.

In a statement released in Abuja, the Executive Secretary of the Commission, Tony Ojukwu, described the April 26 incident as “deeply disturbing” and a direct violation of constitutional guarantees and the rule of law.

He stressed that no citizen should lose their life at the hands of those entrusted with their protection, noting that the reported conduct of the officer involved was “condemnable, unacceptable, and completely inconsistent with the principles of justice and a civilized society.”

The NHRC boss raised alarm over what he termed a troubling pattern of excessive force by security personnel, urging the Nigeria Police to take immediate and decisive action to curb the trend.

He called for systemic reforms, including mandatory periodic psychological and mental fitness evaluations for officers, particularly those deployed on special assignments, to ensure they are capable of handling firearms responsibly and engaging civilians within the bounds of the law.

Ojukwu further demanded swift disciplinary measures against the officer implicated in the incident, insisting that accountability must be pursued in line with existing laws and police regulations. He also pressed for the full implementation of recommendations from past panels on police brutality, arguing that meaningful reform remains critical to preventing future abuses.

“The Commission demands immediate arrest and a transparent investigation into the incident, dismissal of the officer involved, and swift prosecution in accordance with the law,” he said, adding that justice must also include adequate compensation for the victim’s family.

He warned that delays in justice risk eroding public trust in state institutions and weakening confidence in law enforcement agencies.

Reaffirming the Commission’s commitment to human rights protection, Ojukwu said the NHRC would closely monitor the case while continuing its advocacy for accountability and justice.

“Nigeria must never normalize brutality,” he said. “Justice must speak louder than silence.”

No Badge Should Become a License to Kill — NHRC Condemns Alleged Extrajudicial Killing in Delta

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Bangladesh Seeks Deeper Strategic Ties with Nigeria

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Bangladesh Seeks Deeper Strategic Ties with Nigeria

By: Michael Mike

The High Commissioner of Bangladesh to Nigeria has reaffirmed the commitment of both countries to deepen bilateral relations, describing Bangladesh and Nigeria as natural partners bound by shared aspirations for development, cultural understanding, and global cooperation.

Speaking at the Bangla New Year 1433 celebration in Abuja, the High Commissioner, Miah Md. Mainul Kabir, emphasized that although geographically distant, Bangladesh and Nigeria share strong historical and developmental parallels as populous, dynamic, and rapidly evolving economies in their respective regions.

He noted that the relationship between both countries has continued to expand steadily in recent years, particularly in areas of trade, education, capacity building, and cultural exchange.

According to him, there remains significant untapped potential for collaboration in sectors such as agriculture, pharmaceuticals, energy, ICT, and human capital development.

The High Commissioner stressed that cultural diplomacy remains a vital bridge in strengthening bilateral relations, adding that events such as the Bangla New Year celebration in Abuja provide an important platform for fostering mutual understanding between the peoples of both nations. He described such engagements as essential tools for building trust and expanding cooperation beyond formal diplomatic channels.

He further underscored the importance of people-to-people connections, noting that the Bangladeshi community in Nigeria plays a key role in reinforcing goodwill and serving as informal ambassadors of their country. He commended their contribution to Nigeria’s socio-economic environment while also preserving cultural identity abroad.

Reiterating Bangladesh’s interest in stronger engagement with Nigeria, the High Commissioner said both countries stand to benefit from enhanced cooperation in trade diversification, knowledge exchange, and investment partnerships. He expressed optimism that continued dialogue and cultural interaction would translate into more structured bilateral initiatives in the near future.

He described the celebration of the Bangla New Year in Abuja as a reflection of the growing warmth in bilateral relations and a symbol of shared commitment to friendship and mutual progress between Bangladesh and Nigeria.

The event was arranged by the High Commission of Bangladesh in Abuja. And present were Ambassadors, members of diplomatic corps, senior officials of the Ministry of Foreign Affairs, representatives of think tanks, media, business community of Nigeria and expatriate Bangladeshis. The venue was colourfully decorated with traditional Bangladeshi artifacts, symbols of cultural heritage. Diversity of Bangladesh’s landscape in different seasons were put on display. A spectacular cultural performance by Bangladeshi and Nigerian artists displaying different aspects of the six seasons of Bangladesh charmed the audience. Traditional Bangladeshi food items including various pithas were served among the guests.

Bangladesh Seeks Deeper Strategic Ties with Nigeria

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Troops Foil Motorcycle Snatching Attempt in Plateau by Berom Militia, Victim Later Dies

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Troops Foil Motorcycle Snatching Attempt in Plateau by Berom Militia, Victim Later Dies

By: Zagazola Makama

Troops of Sector 5 Operation Peace Enforcement (OPEP) have foiled an attempted motorcycle snatching incident in Bokkos Local Government Area of Plateau State by Berom Militia.

Security sources said that the incident occurred at about 7:20 p.m. on April 28 in Maiduna village, Dafof district, when armed individuals attacked a civilian and attempted to seize his motorcycle.

The sources said troops deployed at Maiduna general location responded swiftly to distress calls, forcing the attackers to abandon their mission and flee the scene.

According to the sources, the victim was rescued with injuries and his motorcycle recovered by troops during the operation.

They added that the victim was later evacuated to a clinic in Dafof, where he was confirmed dead despite medical attention.

The recovered motorcycle is currently in military custody, while efforts are ongoing to track and apprehend the fleeing suspects.

Troops Foil Motorcycle Snatching Attempt in Plateau by Berom Militia, Victim Later Dies

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