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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
VP Shettima Departs Abuja To Represent President Tinubu At G20 Leaders’ Summit In South Africa
VP Shettima Departs Abuja To Represent President Tinubu At G20 Leaders’ Summit In South Africa
By: Our Reporter
Following the decision of President Bola Ahmed Tinubu, GCFR, to stay back in Nigeria and attend to security concerns in the country, Vice President Kashim Shettima has departed Abuja to represent the President at the G20 Leaders’ Summit in Johannesburg, South Africa @g20org.

President Tinubu had postponed his earlier scheduled trip to Johannesburg, South Africa to await further security briefings on the recent security incidents in Kebbi and Kwara States.
President Cyril Ramaphosa, the South African leader who also serves as the current President of the G20 group had invited his Nigerian counterpart to participate in this year’s edition.

The Summit, scheduled to take place from Saturday, November 22nd, to Sunday, November 23rd, at the Johannesburg Expo Centre, brings together leaders from the world’s top 20 economies, including the European Union, the African Union, financial institutions, among others.

The Vice President will return to Nigeria at the end of the engagements.
VP Shettima Departs Abuja To Represent President Tinubu At G20 Leaders’ Summit In South Africa
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PRESIDENT TINUBU ASKS MATAWALLE, MINISTER OF STATE FOR DEFENCE, TO MOVE TO KEBBI OVER SCHOOLGIRLS’ ABDUCTION
PRESIDENT TINUBU ASKS MATAWALLE, MINISTER OF STATE FOR DEFENCE, TO MOVE TO KEBBI OVER SCHOOLGIRLS’ ABDUCTION
By: Our Reporter
President Bola Tinubu has asked the Minister of State for Defence, Alhaji Bello Matawalle, to relocate to Kebbi State over the abduction of 25 schoolgirls in the state.
Matawalle, who was formerly governor of Zamfara State, was asked to remain in the state to monitor security efforts to secure the release of the abducted students.
Gunmen abducted 24 students of Government Girls Comprehensive Secondary School in Maga town, Kebbi State, around 4 am on Monday.
Matawalle, who is expected to arrive in Birni-Kebbi on Friday, gained some experience in dealing with banditry and mass kidnapping during his tenure as governor of Zamfara State from 2019 to 2023.
On 26 February 2021, armed bandits abducted 279 female students aged between 10 and 17 at the Government Girls Science Secondary School, a boarding school in Jangebe, in Zamfara State. The bandits released all the hostages on 2 March 2021.
President Tinubu had postponed his scheduled trip to Johannesburg, South Africa, and Luanda, Angola, as he awaited further security briefings on the kidnapped Kebbi schoolgirls and the attack on Christ Apostolic Church worshippers in Eruku, Kwara State.
PRESIDENT TINUBU ASKS MATAWALLE, MINISTER OF STATE FOR DEFENCE, TO MOVE TO KEBBI OVER SCHOOLGIRLS’ ABDUCTION
News
President Tinubu Hails Jonathan’s Eternal Covenant Of Service At Foundation’s 10th Anniversary
President Tinubu Hails Jonathan’s Eternal Covenant Of Service At Foundation’s 10th Anniversary
*Says Nigeria’s democracy thrives because of leaders who place nation above ambition
By: Our Reporter
President Bola Ahmed Tinubu has praised former President Goodluck Jonathan as a guardian of democracy whose legacy extends far beyond his time in office.
The President described Jonathan as a profound lesson on life after public service, who preserved Nigeria’s democracy at a moment when it mattered most.
Speaking on Thursday during the 10th anniversary dinner of the Goodluck Jonathan Foundation in Abuja, President Tinubu, who was represented by his deputy, Vice President Kashim Shettima, said the former president’s decision to establish the foundation demonstrates that “life begins anew when we leave the high offices for which we are elected.
“There can never be enough words to express the depth of our national gratitude to him,” President Tinubu said, adding that Jonathan has “remained the same guardian of our collective values since leaving office.”
The President drew a contrast between leaders who use their post-office influence destructively and those who devote themselves to serving humanity.

“Some choose a vehicle that serves only themselves, one that pursues causes capable of harming the very society that once carried them. The other group chooses a nobler path: devoting their life to the service of humanity,” he said.
President Tinubu warned that democracy across West Africa and globally has come under severe threat over the past decade, weakened by “adventurists, by extremists, by actors intoxicated by power, by those who see institutions as inconveniences and elections as formalities.”
He emphasised that Jonathan had demonstrated a crucial principle that nobody’s ambition supersedes the sovereignty of the state.
The President called for national unity and respect for democratic processes, urging Nigerians to accept electoral outcomes regardless of personal preferences.
“No matter whether our preferred candidates win or lose, we must learn to respect the wishes of those who vote differently. Because democracy offers us repeated opportunities to renew our mandates.”
President Tinubu described the foundation as a template for us everyone, noting that service is a continuum and that leaving office is not the end of one’s national duty but the beginning of a new chapter.
He said, “No government can succeed without the cooperation of its people, and no people can advance without a government that listens and leads with clarity. Our democracy stands because of people like former President Goodluck Jonathan. People who believe that the Nigerian state is bigger than any individual.”
The President congratulated former President Jonathan and his team, expressing hope that the foundation would continue to be a light on our path toward a more peaceful and prosperous Africa.
Earlier, former President Jonathan thanked Vice President Shettima, former President Ernest Koroma of Sierra Leone and other dignitaries for the honour of attending his Foundation’s 10th anniversary.
Recalling the incident that led to birthing of the Goodluck Jonathan Foundation, the former President said the focus of the foundation was prompted by his experience and challenges while in office as Nigeria’s leader.
He said over the years, the foundation has paid close attention and worked relentlessly on the issues of diplomacy, good governance, election management and promoting the development of democratic institutions.
Dr Jonathan expressed his condolences over the recent incidents of abduction and attack on citizens across the country, calling on political leaders to be more responsible to the issue plaguing the security and wellbeing of Nigerians.
In his remarks, the guest speaker, Dr Mohammed Ibn Chambas, underscored the significance of functional democracy in Nigeria, emphasizing that the youths must be at the centre of all interventions.
He said that building a stable future for Africa must be anchored on the functionality of democratic institutions, effective youth empowerment schemes, a free press and an independent judiciary.
Dr Chambas extolled the leadership qualities of President Goodluck Jonathan, describing him as an African leader who believes in the values of true democracy and the sanctity of human lives, noting that the former president has proven his relevance even outside public office.
Also present at the event were former President of Sierra Leone, Dr Ernest Bai Koroma; former First Ladies, Dame Patience Jonathan and Hajiya Maryam Abacha; Former Secretaries to the Government of the Federation, Senator Pius Anyim and Mr Boss Mustapha; former Speaker of the House of Representatives, Sen. Aminu Waziri Tambuwal; former Governors of Imo State, Hon. Emeka Ihedioha; Sokoto, Attahiru Bafarawa; Adamawa, Boni Haruna; Plateau, Chief Jonah Jang; philantropist, Hajiya Bola Shagaya; former deputy governors; serving and former legislators; former Ministers; the Ooni of Ife, HRM, Oba Adeyey Enitan Ogunwusi, and captains of Industry, among others.
President Tinubu Hails Jonathan’s Eternal Covenant Of Service At Foundation’s 10th Anniversary
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