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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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Guterres To VP Shettima: Nigeria Must Lead Africa’s Charge For New Global Order

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Guterres To VP Shettima: Nigeria Must Lead Africa’s Charge For New Global Order

By: Our Reporter

Backs nation’s UNSC bid, applauds President Tinubu’s reforms, regional security role

United Nations Secretary-General António Guterres has asked Nigeria to spearhead Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.

Guterres praised the economic reforms of the President Bola Ahmed Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions despite facing its own security challenges.

The UN Chief made the remarks on Friday during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.

Speaking during the talks, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism place it in a unique position to lead Africa in the evolving global order.

“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” Guterres said.

The UN Secretary-General and the Vice President discussed key developments in Nigeria, as well as the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.

Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.

The meeting focused on strengthening Nigeria–UN collaboration in advancing global economic growth, peace and security, sustainable development, and coordinated humanitarian response across Africa.

In his remarks, Vice President Shettima thanked the UN Secretary-General for his leadership in promoting global peace, saying Africa has benefitted immensely from his tenure, even as the United Nations undergoes internal restructuring.

“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” VP Shettima said.

The Vice President also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.

He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.

Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across the African continent.

Guterres To VP Shettima: Nigeria Must Lead Africa’s Charge For New Global Order

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CAIDOV Urges DSS to Arrest El-Rufai Over Alleged Admission of Tapping NSA’s Calls

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CAIDOV Urges DSS to Arrest El-Rufai Over Alleged Admission of Tapping NSA’s Calls

By: Michael Mike

The Centre Against Injustice and Domestic Violence (CAIDOV) has called on the Department of State Services (DSS) to urgently investigate and arrest former Kaduna State governor, Nasir El-Rufai, over what it described as a confession to tapping the telephone lines of the National Security Adviser (NSA).

In a statement issued on Saturday by the Executive Director, Gbenga Soloki, the group said the alleged action by El-Rufai raises serious national security concerns and must not be treated lightly by security agencies.

CAIDOV insisted that security operatives should “move swiftly to trap him even if Nigeria will divide,” stressing that no individual is above the law regardless of political status or influence.

According to the group, El-Rufai has “succeeded in putting himself into trouble” and should be made to face the consequences of his alleged actions. It accused the former governor of displaying what it called an “alarming level of arrogance,” warning that personal disagreements with top security officials should not lead to actions that could undermine national security.

The group further claimed that the alleged development has “exposed whatever may have been planned underneath,” urging authorities to conduct a thorough investigation to determine the full extent of the matter.

As of the time of filing this report, El-Rufai had not publicly responded to the allegations, while the DSS has yet to issue an official statement on CAIDOV’s demand.

The call adds to growing political tensions surrounding recent exchanges involving key political actors and security institutions.

CAIDOV Urges DSS to Arrest El-Rufai Over Alleged Admission of Tapping NSA’s Calls

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Nigeria Reaffirms Commitment to Global Anti-Drug War as NDLEA Officers Graduate from U.S. DEA Academy

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Nigeria Reaffirms Commitment to Global Anti-Drug War as NDLEA Officers Graduate from U.S. DEA Academy

By: Michael Mike

Nigeria has reaffirmed its commitment to strengthening global collaboration in the fight against illicit drug trafficking and transnational organised crime as officers of the National Drug Law Enforcement Agency (NDLEA) completed advanced training at the United States Drug Enforcement Administration (DEA) Training Academy in Quantico, Virginia.

Speaking at the graduation ceremony on Friday, NDLEA Chairman and Chief Executive Officer, Brig. Gen. Buba Marwa (Rtd), said the increasing sophistication of criminal networks across borders requires deeper international cooperation and a coordinated global offensive.

Marwa stressed that criminal syndicates no longer operate within isolated territories, making intelligence sharing, joint operations and capacity building among nations indispensable in dismantling drug cartels and organised crime groups.

The ceremony, held at the elite DEA Training Academy, brought together officers from Nigeria, Ghana and Kenya for an intensive programme designed to sharpen investigative, operational and strategic enforcement capabilities. Participants were equipped with advanced skills to combat complex drug trafficking networks and related transnational crimes.

Describing the event as deeply significant, Marwa noted that the course was dedicated to members of the Special Investigative Unit (SIU) who paid the ultimate price in the line of duty. He paid tribute to the fallen officers, describing them as heroes whose courage and sacrifice continue to inspire law enforcement agencies worldwide.

Referencing the course motto, “Different nations, shared duty, one fight,” Marwa said it captured the collective resolve of partner countries against the global drug menace. He emphasised that only a unified, intelligence-driven response can effectively confront criminal enterprises that thrive on cross-border operations.

The NDLEA boss expressed confidence that the knowledge and competencies acquired by the graduating officers would significantly enhance the operational effectiveness of their respective agencies. He charged them to apply the training with integrity, professionalism and courage upon returning home, while upholding the highest standards of service.

Marwa also conveyed Nigeria’s appreciation to the United States Department of Justice, the DEA leadership and instructors for their continued mentorship and investment in capacity development.

He said the graduation marked not the end of training but the beginning of renewed responsibility, urging the officers to protect vulnerable communities and confront criminality wherever it threatens societal stability.

Marwa expressed optimism that the partnership between the NDLEA and the DEA would continue to deepen, yielding sustained success in the shared fight against illicit drugs and organised crime.

Nigeria Reaffirms Commitment to Global Anti-Drug War as NDLEA Officers Graduate from U.S. DEA Academy

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