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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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Zulum Disburses ₦2bn Starter Packs to 2,970 Trained Borno Youths in Massive Empowerment Drive

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Zulum Disburses ₦2bn Starter Packs to 2,970 Trained Borno Youths in Massive Empowerment Drive

By: Michael Mike

Governor Babagana Zulum on Tuesday rolled out a ₦2.05 billion empowerment package for 2,970 young people trained in vocational skills across Borno State, marking a major push in the state’s transition from humanitarian recovery to economic rebuilding after more than a decade of insurgency.

The beneficiaries, who graduated from nine modern vocational enterprise institutes and centres established by the Zulum administration, received comprehensive starter packs and business kits designed to enable immediate take-off of small and medium-scale enterprises.

The ceremony, held at the Muna Vocational Enterprises Institute in Maiduguri, drew senior government officials, lawmakers and technical education stakeholders, underscoring the scale and strategic importance of the intervention.

Addressing the gathering, Zulum described youth empowerment as a cardinal pillar of his administration, particularly in a state where insurgency disrupted livelihoods, deepened unemployment and left thousands of young people vulnerable.

He said the government deliberately prioritised skills acquisition and entrepreneurship as sustainable pathways to restore dignity and rebuild productive capacity.

“We remain mindful of the devastating effects of insurgency on our communities,” Zulum stated. “It became imperative for government to implement sustainable interventions aimed at restoring dignity, creating opportunities and rebuilding productive capacity among our people.”

The governor noted that since 2019, his administration has established five major vocational enterprise institutes in Muna, Mafa, Biu, Shani and Magumeri, reactivated nine vocational training centres, and set up three Second Chance Skills Entrepreneurship Schools targeted at women and girls.

He disclosed that over ₦40 billion has been invested in building, rehabilitating and equipping vocational institutes, training centres and technical colleges across the state. According to him, the investment aligns with a broader Technical and Vocational Education and Training (TVET) strategy aimed at reducing the number of out-of-school youths, promoting self-reliance and creating a skilled workforce capable of contributing to the state and national economy.

The graduates were trained in high-demand sectors such as information technology, construction, plumbing, tailoring, welding and other artisan trades, reflecting the state’s intention to match training with market realities.

Earlier, Commissioner for Education, Engr. Lawan Abba Wakilbe, said the initiative was a direct product of Governor Zulum’s vision to empower conflict-affected youths with practical, employable and entrepreneurial skills.

He explained that the programme was conceived as part of a broader social and economic rebuilding agenda to support vulnerable groups, particularly young people and women whose lives were disrupted by years of insecurity.

The event was attended by the Executive Secretary of the National Board for Technical Education, Professor Idris Bugaje; Senators Mohammed Tahir Monguno, Mohammed Ali Ndume and Kaka Shehu Lawan; Secretary to the Borno State Government, Bukar Tijani; Acting Chief of Staff, Babagana Mallumbe, among other dignitaries.

With the distribution of the ₦2 billion starter packs, the Borno State Government signalled a deliberate shift from short-term relief interventions to long-term economic empowerment, positioning youth entrepreneurship as a central driver of stability, growth and lasting peace in the state.

Zulum Disburses ₦2bn Starter Packs to 2,970 Trained Borno Youths in Massive Empowerment Drive

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Send Your Kids To Acquire Technical Education Now……Zulum

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Send Your Kids To Acquire Technical Education Now……Zulum

By: Bodunrin Kayode

Borno Governor Professor Babagana Zulum has called on residents to send their wards into the technical vocational and education training (TVET) centre for them to acquire skills for livelihood.

He regretted that there are about nine vocational enterprise institutes/ centres in Borno state but young people are not responding to the opportunities that abound in these training centres the way he felt they should embrace it.

The Governor who attended the graduation ceremony of 2,970 trainees Tuesday at the vocational enterprise institute Muna in the outskirts of Maiduguri said he hardly shed tears over anything but the way the young people dismiss the opportunities offered by these centres sometimes make him to tear up.

Speaking in Hausa to the locals present, he went on ” Look I established centres like this one here, in Mafa and all over the state but sadly the young ones are painfully snubbing these places which is there to change their lives and teach them how to fish.

” I hardly shed tears easily but each time I watch our young ones who need these opportunities snubbing what we brought for them to benefit, I feel bad indeed. It makes me feel like shedding tears.

” This is why I am begging you to please hurry up and ensure you enroll your children to grab this opportunity which is lined up for them now that it lasts.”

He assured the Executive Secretary of the National Board for Technical Education (NBTE), Professor Idris Bugaje that Borno will continue to lead in the TVET centre module of training for as long as there are out of school kids and orphans littering the metropolis and the countryside.

He assured the NBTE boss that Borno is not yet done with his agency adding that he will surely find a way to sit down and work something out that would be beneficial to the state on the long term basis.

Zulum posited that a situation in which a serious business man like Dangote will have to bring in as many as 11,000 technicians from India to boast production in his refinery when young Nigerians would have taken such position is sad.

The Governor warned parents that they have only five years left to think about the offers in the centres and enroll their kids so that they too will become beneficiaries of the goodies offered by the system.

At the end of the speech making session, Gov Zulum, awarded 100,000 naira each to the 2,970 beneficiaries who completed their intensive vocational training across the state.

Zulum equally distributed starter packs and business kits valued at ₦2,050,000,000 to the graduates, aimed at equipping them to establish their own enterprises to become self-employed almost immediately.

The beneficiaries were drawn from the nine vocational training institutes located across Borno State offering skills in fields such as information technology, plumbing, construction, tailoring, welding and various artisan trades.

Governor Zulum, while addressing the gathering, reiterated his administration’s commitment to supporting young people, particularly those affected by over 10 years of insurgency in the state.

“Distinguished ladies and gentlemen, one of the cardinal priorities of this administration has been youth empowerment and the protection of vulnerable members of our society. We remain mindful of the devastating effects of insurgency on our communities, which disrupted livelihoods, increased unemployment and exposed many young people to uncertainty and hardship.

“It became imperative for the government to implement sustainable interventions aimed at restoring dignity, creating opportunities and rebuilding productive capacity among our people.

“It is with great honour and a deep sense of fulfilment that I address this distinguished gathering on the occasion of the graduation and presentation of starter packs to 2,970 trainees drawn from nine vocational enterprises institutes and centres across Borno State.

“In addition, we reactivated nine vocational training centres and three second chance skills entrepreneurship schools dedicated to women and girls.” Said Zulum.

The Governor said that the institutes prioritises the enrolment of vulnerable individuals, particularly those affected by insurgency and provide structured training in diverse vocational and technical trades to enhance employability and economic independence.

Prof Zulum revealed that, his administration had invested over ₦40 billion in the establishment, rehabilitation, and equipping of vocational enterprises institutes, vocational training centres and technical colleges across Borno State since he was sworn into office.

According to Zulum, this strategic investment is aimed at reducing the number of out-of-school youths, promoting self-reliance and developing a skilled workforce capable of contributing meaningfully to both the state and national economy through Technical and Vocational Education and Training (TVET).

Commissioner for Education, Lawan Wakilbe, explained Zulum’s vocational training concept, which he noted is a direct product of the visionary leadership and unwavering commitment of the Governor whose administration recognises the urgent need to empower youths with practical, employable and entrepreneurial skills.

The initiative he stressed is equally part of the Governor’s broader agenda to promote self-reliance, restore dignity, rebuild livelihoods, particularly among conflict-affected youths, women and vulnerable members of the society.

Send Your Kids To Acquire Technical Education Now……Zulum

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FRSC moves to enforce discipline, professionalism

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FRSC moves to enforce discipline, professionalism

The Federal Road Safety Corps (FRSC) on Tuesday, sensitised its personnel in Gombe State to enhance discipline, professionalism, and service delivery.

Corps Marshal, Shehu Mohammed while engaging with personnel at the FRSC Gombe Sector Command said the initiative was borne out of the need to respond to recent operational reports that reveal trends “we cannot and will not ignore.”

Mohammed who was represented by an Assistant Corps Marshal Ezekiel SonAllah said the Corps had observed a disturbing decline in discipline and professionalism.

He said that those lapses had manifested as misconduct, unethical practices, abuse of authority, extortion, reckless enforcement behaviours and other actions that contradicted its mandate and were steadily eroding public trust in the Corps.

The Corps Marshal reminded the personnel that such behaviours were not only unacceptable but endangered the credibility and reputation of the Corps.

“Every time a road user loses confidence in us, our mandate becomes harder to achieve; every act of unprofessional conduct damages the image of thousands of disciplined staff and every abuse of authority weakens the trust built over decades,” he stressed.

Mohammed further told personnel that discipline was not punishment but protection, as “ It protects our reputation, our careers, the Corps and ultimately the lives of Nigerians who depend on us daily.”

According to him, professionalism to the Corps is mandatory and not optional.

The Corps Marshal also warned personnel against extortion, harassment and abuse of authority, emphasising that such acts were illegal and would not be tolerated.

He expressed optimism that the engagement with personnel would help restore the highest standards of discipline, rebuild public confidence, towards making the Corps an enduring symbol of professionalism and integrity.

Our Correspondent reports that the theme of the sensitisation is “Discipline, Reinforcement and Strengthening of Command and Control in the Field Commands.”

Recall that FRSC, in February, dismissed 43 of its personnel over offences bordering on desertion, scandalous conduct and patrol-related misconduct.

The move was described by the Corps as a firm demonstration of its zero tolerance for indiscipline and ethical breaches.

FRSC moves to enforce discipline, professionalism

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