Connect with us

News

UN Report: 2024 Could Errand Protracted Period of Low Growth

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Oasis Magazine Apologizes To Hon Ebizi Ndiomu, Retracts Publication

Published

on

Oasis Magazine Apologizes To Hon Ebizi Ndiomu, Retracts Publication

By John Tega

The management of Oasis Magazine has apologized to Mrs. Ebizi Brown Ndiomu, the lawmaker representing Sagbama Constituency II in the Bayelsa State House of Assembly, following a publication on its online platform, oasismagazine.com.ng on February 20, 2026, with headline: ‘Adulterous Conduct Modeling Around Loikpobiri over Deputy Office.

In a statement signed by the publisher, Daniel Dafe Umukoro, said his attention was drawn to the publication recently, adding that the story sent in by one Diepreye Bagou (07034287403) from Bayelsa does not reflect the standard of the media house.

He added: “We have done a thorough check on the lawmaker and found out that the report crossed the red line.”

He continued: “Mrs. Brown is a respected lawmaker and the allegations made against her are untrue and hereby retracted.”

He said further: “The management apologises profusely to the lawmaker for any embarrassment the publication may have caused her and those close to her.”

Adding: “Oasis Magazine is not known for blackmail or propaganda and this report is hereby trashed and considered done in error.”

Umukoro hinted that going forward; the media house will upgrade mechanisms to avoid such pitfalls.

Oasis Magazine Apologizes To Hon Ebizi Ndiomu, Retracts Publication

Continue Reading

News

Justice Must Be Affordable, Accessible for Women, Says UN

Published

on

Justice Must Be Affordable, Accessible for Women, Says UN

By: Michael Mike

The acting UN Resident and Humanitarian Coordinator in Nigeria, Elsie Attafuah, has called for urgent action to reduce the financial, social and institutional barriers preventing women and girls from accessing justice in Nigeria.

Attafuah made the call in Abuja on Friday during the launch of “The Cost of Justice: Women’s Voice of Resilience in Nigeria,” an anthology documenting the experiences of women who have navigated the country’s justice system in pursuit of accountability.

The event, held at the United Nations House in Abuja, was organised by the South Saharan Social Development Organisation in collaboration with UN Women and Ford Foundation as part of activities marking International Women’s Day 2026.

Speaking at the gathering, Attafuah said the anthology serves as a powerful reminder that behind policy debates on justice are real human stories of struggle, resilience and courage.

She noted that many survivors of violence face significant financial burdens when seeking justice, including the cost of transportation, medical reports, legal representation and repeated court appearances.

According to her, these expenses can make the pursuit of justice extremely difficult for many women already facing economic hardship.

She also highlighted the lengthy and complex legal processes survivors must navigate, noting that court proceedings often take months or even years to conclude. During such periods, victims may face pressure from families or communities to withdraw their cases or reconcile with perpetrators.

Attafuah further pointed to the social cost of seeking justice, explaining that survivors frequently encounter stigma, victim-blaming and pressure to remain silent.

She stressed that access to justice is a critical component of global development efforts, particularly under Sustainable Development Goal 16 and Sustainable Development Goal 5, which focus on building inclusive institutions and ending violence against women and girls.

The UN coordinator reaffirmed the commitment of the United Nations system in Nigeria to work with government institutions, civil society groups and development partners to strengthen legal frameworks, expand survivor support services and promote social norms that uphold the dignity and rights of women and girls.

Also speaking at the event, the UN Women Representative to Nigeria and ECOWAS, Beatrice Eyong, said the anthology highlights the persistent challenges women face in accessing justice, particularly survivors of sexual and gender-based violence.

She noted that despite progress in legal reforms and awareness campaigns, many women continue to face financial constraints, stigma and limited access to legal support.

Eyong said the publication documents the experiences and resilience of women who have sought justice, emphasising that justice is not only about laws and institutions but also about protecting dignity and ensuring survivors can seek accountability without fear or hardship.

She commended the organisers and partners supporting the initiative, including the Ford Foundation, for advancing efforts aimed at promoting gender equality and strengthening protection for women and girls.

In a goodwill message delivered on behalf of the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, Chief State Counsel at the Sexual and Gender-Based Violence Response Unit of the Federal Ministry of Justice, Habiba Ajanah-Hamza, reiterated the Federal Government’s commitment to improving access to justice for survivors.

She said the ministry remains focused on strengthening coordination among institutions involved in addressing gender-based violence, supporting effective investigation and prosecution of cases, and ensuring that victims are treated with dignity and sensitivity throughout the legal process.

According to her, achieving meaningful access to justice requires sustained collaboration among government institutions, development partners, civil society organisations, the legal community and the media.

Ajanah-Hamza added that initiatives such as the anthology contribute to raising public awareness and strengthening advocacy for reforms that make justice systems more accessible and responsive to the needs of women and girls.

The anthology launch also featured discussions aimed at identifying practical solutions and partnerships that can help reduce the cost of justice and improve survivor-centred responses across Nigeria.

Participants at the event stressed that the voices documented in the publication should serve as a call to action for stakeholders to work collectively toward building a justice system that ensures protection, accountability and dignity for every woman and girl.

Justice Must Be Affordable, Accessible for Women, Says UN

Continue Reading

News

Zulum Moves to Fix Rural Health Gap in Borno, Approves 473 Medical Workers and 100% Allowance for Doctors

Published

on

Zulum Moves to Fix Rural Health Gap in Borno, Approves 473 Medical Workers and 100% Allowance for Doctors

By: Michael Mike

Borno State Governor, Prof. Babagana Zulum has approved the recruitment of 473 medical personnel and introduced a 100 per cent rural posting allowance for doctors in a major push to strengthen healthcare services in underserved communities across Borno State.

The dual intervention is aimed at addressing the shortage of skilled health workers in rural areas and improving access to quality medical care for residents outside the state capital.

The Chief Medical Director of the Borno State Hospital Management Board, Abubakar Kullima, disclosed the development on Thursday in Maiduguri, noting that the governor had approved the immediate employment of doctors, nurses, pharmacists, laboratory scientists and community health extension workers.

Kullima explained that the recruitment also includes specialised health personnel and support staff such as perioperative care nurses and primary eye care workers who will be deployed to newly established and existing health facilities across the state.

According to him, the new workforce will be distributed across general hospitals and primary healthcare centres in the three senatorial zones to strengthen service delivery at both secondary and grassroots levels.

He said the move is part of broader reforms by the Zulum administration to rebuild and expand healthcare services in the state following years of conflict that strained public health infrastructure.

Beyond recruitment, the governor has also directed the immediate implementation of a 100 per cent rural allowance for doctors and a 40 per cent allowance for nurses serving in remote communities.

The incentive, approved through a memo to the hospital management board, is designed to attract qualified medical professionals to rural postings where harsh working conditions and limited facilities often discourage deployment.

With the new policy, doctors who accept rural postings will have their remuneration significantly increased, a step officials say is necessary to address the persistent shortage of medical personnel outside major towns.

Health sector observers say the initiative could significantly boost the availability of healthcare workers in rural communities where residents often travel long distances to access medical services.

The recruitment and incentive scheme form part of a series of healthcare reforms undertaken by Governor Zulum, including the approval of special training funds for resident doctors and the commissioning of specialised health facilities such as eye and dental hospitals.

Officials say the latest measures are expected to improve staffing levels in public hospitals, strengthen service delivery and expand access to essential healthcare across communities in Borno.

Zulum Moves to Fix Rural Health Gap in Borno, Approves 473 Medical Workers and 100% Allowance for Doctors

Continue Reading

Trending

Verified by MonsterInsights