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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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Former Kaduna governor El-Rufai loses mother

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Former Kaduna governor El-Rufai loses mother

By: Zagazola Makama

The former Governor of Kaduna State, Nasir Ahmad El-Rufai, has lost his mother, Hajiya Umma, who passed away on Friday.

The announcement of her death was announced by the Elrufai Family on Friday.

Family sources said the deceased had been battling age-related health challenges, which worsened in recent times.

According to the sources, her condition reportedly deteriorated further after she learned of the detention of her son by the Independent Corrupt Practices Commission (ICPC).

They noted that El-Rufai had been closely managing his mother’s health prior to her demise.

The family prayed for Almighty Allah to forgive her shortcomings and grant her Aljannatul Firdaus.

Former Kaduna governor El-Rufai loses mother

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NSCDC Unveils Five-Year Strategy to Strengthen National Security

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NSCDC Unveils Five-Year Strategy to Strengthen National Security

By: Michael Mike

The Commandant-General of the Nigeria Security and Civil Defence Corps (NSCDC), Abubakar Audi has unveiled a comprehensive five-year strategic roadmap aimed at strengthening national security, boosting operational efficiency and enhancing professionalism within the Corps.

Speaking at a high-level meeting with commanding officers from state formations across the country, Audi described the gathering as both “historic and strategic,” noting that it signaled the beginning of the second phase of his leadership following his reappointment.

The NSCDC boss expressed gratitude to President Bola Ahmed Tinubu for approving his reappointment and to the Minister of Interior, Olubunmi Tunji-Ojo, for recommending him for the position.

According to him, the renewed mandate provides the opportunity to deepen reforms and reposition the Corps for greater efficiency and national relevance.

Reflecting on his previous tenure, Houdi highlighted reforms introduced to tackle internal challenges within the organisation, particularly the issue of staff stagnation that had affected morale among personnel.

He noted that his administration addressed long-standing promotion delays and salary arrears, adding that efforts were ongoing through a presidential committee responsible for settling outstanding payments across Ministries, Departments and Agencies.

The Commandant-General also underscored the importance of capacity building, revealing that the Corps had developed a standardised curriculum for its training institutions. He described the initiative as a major step toward strengthening professionalism and operational discipline within the agency.

He said more senior officers have also been sponsored to attend strategic leadership programmes, including courses at the National Institute for Policy and Strategic Studies (NIPSS), aimed at improving institutional leadership and policy competence.

“Training remains central to discipline, professionalism and productivity,” Houdi said, adding that the next phase of his leadership would prioritise retraining and ethical reorientation of personnel.

He also highlighted operational achievements recorded by the Corps, particularly in the fight against oil theft and illegal mining across the country.

According to him, the Corps’ Special Intelligence Squad has dismantled more than 400 illegal refineries, arrested and prosecuted over 1,000 suspects, and secured between 400 and 500 convictions.

Similarly, the Mining Marshals initiative has shut down more than 1,000 illegal mining sites nationwide and facilitated the arrest and prosecution of numerous offenders, including foreign nationals.

Audi said these achievements were made possible through collaboration with other security agencies, particularly the Nigerian Army, as well as partnerships with private sector actors.

The Corps has also expanded its operational infrastructure, with new command facilities constructed in several locations and modern surveillance and communication equipment deployed to formations across the country.

He further disclosed that the agency is establishing a hydrocarbon and maritime surveillance centre in partnership with Tantita Security Services Nigeria Limited, alongside an ICT centre project expected to be completed within the next few months.

As part of the new strategy, the NSCDC will increasingly deploy advanced technologies, including artificial intelligence and drone surveillance, to enhance monitoring and protection of critical national assets.

Aidi outlined key priorities for the next five years, including strengthening discipline within the Corps, expanding training and retraining programmes, deploying modern surveillance technologies and enhancing protection of critical infrastructure.

He also announced plans to establish specialised units dedicated to safeguarding power infrastructure and tackling vandalism in the electricity sector.

The Commandant-General warned that the Corps would maintain zero tolerance for indiscipline and misconduct among personnel.

“We must restore professionalism and discipline. Any conduct outside our code will not be tolerated,” he said.

He urged officers to remain committed to protecting critical national infrastructure and to deepen intelligence sharing and collaboration with other security agencies in strengthening the country’s security architecture.

Audi challenged personnel to demonstrate the Corps’ relevance through tangible results.

“We must prove that we are ready to serve the nation with loyalty, commitment and professionalism,” he added.

NSCDC Unveils Five-Year Strategy to Strengthen National Security

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ECOWAS Court Launches Five-Year Strategic Plan to Deepen Justice, Regional Integration

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ECOWAS Court Launches Five-Year Strategic Plan to Deepen Justice, Regional Integration

By: Michael Mike

The ECOWAS Court of Justice has unveiled an ambitious five-year strategic plan designed to strengthen the rule of law, expand access to justice and deepen regional integration across West Africa.

The plan, which will run from 2026 to 2030, was officially launched on Friday in Abuja, where the leadership of the court outlined a bold vision to transform the institution into a more effective and accessible pillar of justice within the Economic Community of West African States (ECOWAS).

President of the court, Ricardo Goncalves, described the strategy as a decisive moment for the institution, saying it reflects a renewed commitment to strengthening the court’s role in safeguarding justice and promoting stability across the region.

“This moment is not merely symbolic. Above all, it represents a turning point. It is a clear affirmation of our collective resolve to strengthen the role of the Court as a guarantor of the rule of law, a promoter of justice, and a vital pillar of regional integration in West Africa,” he said.

According to him, the new strategy outlines a shared vision focused on institutional transformation, operational efficiency and measurable impact on the lives of citizens within the ECOWAS community.

Goncalves emphasised that the success of the initiative would depend on strong collaboration among judges, court staff and key regional stakeholders, stressing that each group has a critical role to play in achieving the objectives of the plan.

He charged judges of the court to reinforce the quality of jurisprudence, ensure consistency in judicial decisions and contribute to building a justice system that is accessible, timely and widely respected across member states.

The court president also highlighted the pivotal role of administrative staff, describing them as the backbone of the institution whose commitment to efficiency, case management and technical excellence would determine the effectiveness of the new framework.

Beyond internal reforms, he stressed the need for stronger partnerships with ECOWAS member states, regional institutions, legal practitioners, development partners and civil society organisations to ensure effective enforcement of court judgments and greater legal harmonisation across the region.

He noted that improved planning, transparency and a results-driven institutional culture would form the foundation of the strategy, which aims to reposition the court as a more visible and influential institution in regional governance.

In her welcome address, the Deputy Registrar of the court, Marie Saine, described the unveiling of the plan as the beginning of a renewed commitment to justice and service to the people of the ECOWAS region.

She explained that the Strategic Plan 2026–2030 was developed through extensive consultations, rigorous institutional review and forward-looking analysis to ensure that it responds effectively to emerging legal and governance challenges within West Africa.

Saine said the strategy is anchored on five key goals, including ensuring timely and impartial justice, expanding access to justice and legal empowerment, strengthening human rights protection and legal harmonisation, improving transparency and stakeholder engagement, and enhancing institutional capacity and governance.

She noted that the roadmap is both ambitious and pragmatic, providing clear priorities that will guide the court’s work over the next five years.

The ECOWAS Court of Justice serves as the judicial arm of the Economic Community of West African States, with the mandate to interpret community law, protect human rights and resolve disputes involving member states and institutions of the regional bloc.

Officials said the newly unveiled strategic framework replaces the court’s previous plan and is intended to position the institution to respond more effectively to evolving legal demands while strengthening its contribution to justice, peace and regional integration in West Africa.

ECOWAS Court Launches Five-Year Strategic Plan to Deepen Justice, Regional Integration

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