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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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Jos DisCo offers Gombe Staff free medical care, drugs

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Jos DisCo offers Gombe Staff free medical care, drugs

The management of Jos Electricity Distribution Company (JEDC) has conducted a free medical examinations as well as distributed free drugs to its staff in Gombe State Office, as part of its health advocacy to improve wellbeing of its employees and boost productivity.

As part of JEDC’s health initiative, a fitness walk was also organised on Saturday for all employees in Gombe State.

A fitness coach, Jauro Dauda, who led the walk urged officials of JED to prioritise regular exercise as part of efforts to maintain good health and boost productivity.

The exercise began at the company’s state headquarters, from where officials trekked to Pantami Stadium.

At the stadium, staff members participated in various physical exercises before returning to the office premises for medical examinations.

Speaking to participants, Dauda emphasised the need for a healthy lifestyle through eating nutritious foods and regular exercise.

“For you to function well, you need to keep your body fit. So I advise each and every one of you to create time at home. You can take your wife on a walk.

“The content of what we eat today can cause a lot of health issues like hypertension and diabetes. Knowing your health status is very important; knowing it is good to living long,” he said.

Also speaking, the Gombe State Operating Officer of JEDC, Rilwan Shehu, expressed satisfaction with the turnout and encouraged staff to sustain the culture of exercise beyond organised events.
“We are happy that we can exercise not only in the stadium; you can exercise at home,” Shehu said.

He added that the company operates an inclusive system that promotes unity among staff.

“We in JEDC operate an open-door policy; there is no junior or senior cadre. We do things together and we win together,” he said.

Jos DisCo offers Gombe Staff free medical care, drugs

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Customs officer killed in gun attack after cannabis seizure in Ogun

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Customs officer killed in gun attack after cannabis seizure in Ogun

By: Zagazola Makama

A senior officer of the Nigeria Customs Service (NCS), ASC Akinyode Mustapha, has been shot dead by unknown gunmen following the interception of a vehicle loaded with cannabis in Imeko area of Ogun State.

Sources told Zagazola Makama that a team of officers from the NCS Federal Operations Unit (FOU) Zone A, Ikeja, led by DSC Ogundana Oluwademi, had on Feb. 2, at about 11:40 p.m., intercepted a Sienna bus loaded with suspected cannabis at Oke-Agbede via Imeko.

The driver of the vehicle, however, escaped on foot.

“While the team was returning to Lagos with the seized exhibit vehicle, they came under gunfire by unknown assailants at the Immigration checkpoint, Idofa, Imeko,” the sources said.

The sources added that a bullet struck ASC Akinyode Mustapha, aged 50, during the attack.

He was immediately rushed to the General Hospital, Ilaro, where he was later confirmed dead by the medical doctor on duty.

Upon receipt of the report on Feb. 4 at about 3:30 p.m., security forces stormed the scene. No expended ammunition or cartridge was recovered at the location, and photographs of the scene were taken.

The team leader reportedly released the corpse to the deceased’s family for burial, while the seized exhibit vehicle had earlier been taken to the NCS base in Lagos.

The sources said preliminary investigation was ongoing to verify the claims and unravel the circumstances surrounding the attack.

Further developments will be communicated, the command said.

Customs officer killed in gun attack after cannabis seizure in Ogun

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VP Shettima Leads FG Delegation To Condole With Victims Of Kwara Attack

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VP Shettima Leads FG Delegation To Condole With Victims Of Kwara Attack

***Assures all hands are on deck to restore peace, tranquility to Kaiama

***Says President Tinubu has directed NEMA to mobilise resources to support distressed communities

By: Our Reporter

The Vice President, Senator Kashim Shettima, has reaffirmed the determination of President Bola Ahmed Tinubu to ensure that peace and tranquillity are restored in Nuku and Woro villages in Kaiama Local Government Area of Kwara State in the aftermath of Tuesday’s attacks on the communities by terrorists.

He assured the people of the communities that while the President had ordered the deployment of a battalion of the Nigerian Army to Kaiama, all hands were already on deck to rid the affected communities and the entire state of insecurity.

Senator Shettima gave the assurance on Saturday when he led a Federal Government delegation to commiserate with the people of Kaiama Local Government and the Governor of Kwara State, Mallam AbdulRahman AbdulRazaq, over the deadly terrorist attack that claimed several lives.

The Vice President disclosed that President Tinubu has instructed the National Emergency Management Agency (NEMA) to mobilise all resources, in partnership with the Kwara State Emergency Management Agency, to provide succour and support to the distress communities.

“Your Excellency, we are here at the behest of President Bola Ahmed Tinubu to commiserates with you and the good people of Kaiama and Kwara State, by extension, over the tragedy that befell our communities of Woro and Nuku on the evening of Tuesday, February 3, 2026.

“That tragic killings had shocked Nigerians because the victims were peaceful members of the communities that were dedicated to building peaceful livelihood, while they practice their religion in the peaceful and harmonious manner that the injunctions of Islam has instructed,” he said

VP Shettima extended what he described as the heartfelt condolences of President Tinubu and the Federal Government to the government and those who lost their loved ones in the gory attacks, noting that all hands were already on deck to restore peace in the community.

“Please, accept our heartfelt condolences, on behalf of President Bola Ahmed Tinubu. A battalion of the Nigerian Army had been deployed to Kaiama and all hands are on deck to ensure that peace and tranquility is restored to those communities,” he assured.

The VP did not disclose the measures being taken to restore peace in the area, observing however that “security issues are sensitive issues and we do not have to divulge most of the actions that are being taken by our security establishment.

“But I’m here fundamentally to commiserates with the government and people of Kwara and the people of Kaiama, in particular, over the tragic loss of lives and to reassure the good people of the state of harmony. Our prayers are with you, our empathy is with you,” the Vice President added.

Earlier, Chairman of the North East Governors Forum, Governor Babagana Umara Zulum of Borno State, extended the condolences and sympathy of the North East Governors to the people and government of Kwara State over the tragedy.

He said, “As Muslims, we believe in destiny and it is our sincere hope that, by God’s grace, this act will not happen again. Our prayers are with you and it is our sincere prayer that Almighty Allah will forgive those that have lost their lives and grant them Aljannah firdaus,” Governor Zulum prayed.

Responding, the Governor of Kwara State, AbdulRazaq, applauded the swift response of the Federal Government to the incident, saying “as confirmed by the Local Government Chairman, troops are already on ground and the Operation Savannah Shield is in motion.

“As you can see, we were welcomed at the airport by the General Officer Commanding (GOC) Second Division of the Nigerian Army. A DIG is on ground. We truly appreciate the response of the Federal Government, and representatives of NEMA have been on ground since the incident happened.”

The Governor called for continued prayers for better a situation and better security in Nigeria, just as he said, “One is short of words and what to say but we will continue to support our President, the Vice President and our leadership for God to guide them in the affairs of this nation.”

Also, the Chairman of Kaiama local government area, Hon. Abdullahi Abubakar Danladi, expressed gratitude to President Tinubu and Vice President Shettima for the immediate deployment of a military battalion in the area, and thanked the Governor of Kwara state for his leadership.

On his part, the Emir of Kaiama, HRH Alhaji Mu’azu Shehu Omar, also applauded President Tinubu for the prompt action taken after the massacre that in Kaiama.

“We really appreciate the effort of President Tinubu. Since the incident happened on Tuesday, he has shown concerned toward us. The security personnel and other relevant agencies are adequately deployed to arrest the situation,” the traditional ruler said.

Other dignitaries present during the visit include the Director-General of NEMA), Zubaida Umar; Sen. Ali Mohammed Ndume; Managing Director, Niger Delta Power Holding Company Ltd (NDPHC), Eng. Jennifer Adighije; former Deputy Senate President, Senator Ovie Omo Agege, and members of Kwara State House of Assembly, among others.

VP Shettima Leads FG Delegation To Condole With Victims Of Kwara Attack

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