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

Zulum-“Protect Our Sacred Bond,” Celebrates Peaceful Year in Christmas Message

Published

on

Zulum-“Protect Our Sacred Bond,” Celebrates Peaceful Year in Christmas Message

By: Our Reporter

With profound gratitude to God for sparing our lives one full year to another Christmas celebration, Borno State Governor, Professor Babagana Umara Zulum felicitate with the Christian community across the state on the occasion of Christmas.

The Governor is currently engaged in a four-day security and resilience building tour across Northern Borno. The tour includes visits to military formations to boost their morale, and to communities affected by the insurgency, where he is working to build their confidence and provide tangible democratic benefits.

In a message by his Spokesperson Dauda Iliya, Governor Zulum expressed gratitude to God Almighty for the return of relative peace in the state.

“For us in Borno State, the period between the 2024 to the 2025 Christmas celebrations has been one full year of celebrating enviable all-encompassing reconstruction and recovery,” Zulum stated.

“The progress is not only in terms of physical infrastructure, but also in terms of the peace and forbearance, mutual goodwill and harmonious coexistence among the Muslim and Christian communities, which our beleaguered state very critically desires to launch itself back to prosperity and glorious past,” he added.

“I feel obliged to express my most heartfelt gratitude to God for enabling me to preside over the state one full year, witnessing a gladdening restoration and maintenance of these required peace, mutual goodwill and harmony between the the Muslim and Christian communities which bonded us tightly together as a solid people, but which the over a decade Boko Haram insurgency threatened to completely destroy.

“A noteworthy part of the Muslim-Christian harmonious coexistence and goodwill reconstruction and maintenance was my recent high-level consultation meeting with the leadership of Jama’atu Nasril Islam (JNI) and Christian Association of Nigeria (CAN), focused on strengthening collaborative efforts between the state government and religious bodies to combat the lingering threat of insecurity and foster lasting peace in Borno State.

“At that meeting, I underscored the critical role of religious leaders in promoting tolerance, unity and peace across the state because Borno, like many states, has unique and beautiful family composition dynamics.

“It is common to find under one roof, brothers and sisters, uncles and aunts, who profess different faiths. We share meals, we celebrate festivities and milestones, we grieve losses together, as one family, bound by blood and love that transcends religious labels. This is our reality.

“I stressed that our enviable strength emanates from this reality. I will still, therefore, stress that we must protect this sacred bond within our homes and allow it to define our individual, as well as intra- and cross-community engagements.

“In sustenance of my tradition of just, fair and equitable treatment of both communities in festive seasons, I have, also, this year, I announced support to the Christian community and non indigenes, which includes free transportation to non-indigenes to different parts of the country, humanitarian support to over 6,000 vulnerable Christians, cash gifts to widows and orphans, sponsorship of Christian pilgrimage and other interventions.

I am always disposed to rendering such support, and even more, whenever the need arises.

Governor Babagana Zulum urge every citizen of the state, irrespective of faith, to come together in the collective search for lasting security, peaceful and harmonious coexistence as the most-critical foundation for true reconstruction, recovery and prosperity.

Zulum-“Protect Our Sacred Bond,” Celebrates Peaceful Year in Christmas Message

Continue Reading

News

Gov. Zulum condemns Christmas Eve explosion in Borno

Published

on

Gov. Zulum condemns Christmas Eve explosion in Borno

By: Bodunrin Kayode

About five people are feared dead yesterday evening as a suicide bomber detonates improvised explosive devices (IEDs) strapped to his body in a Maiduguri mosque in the popular Gamboru market, which is visited by traders from all over the country, including bordering countries.

The deaths, which were as a result of a suicide explosion, occurred at a mosque inside Gomboru Market, where the suspect had sneaked into a mosque, disguised as a faithful during “Magrib prayer.”

Sources within the market community said he was not a regular at the mosque, and they could also not explain how he lined up with the others or how he came to the community unnoticed to cause such a damnation.

As of the time of writing this report, the explosion had left several residents within the market community injured, while the most fatal ones have been rushed to nearby general hospitals for immediate treatment to stop the bleeding, which usually escalates the bleeding.

As of the time of writing this report, the military and police authorities had confirmed that about five people had died from the attack, which caused a lot of people to scamper for safety, causing massive gridlock around the customs area.

Reaction of the military

Reacting to the incident, the military said that about 32 civilians sustained all manner of injuries from the incident.

In a release signed by Lt. Col. Sanni Uba, it went on to state that the incident occurred at about 6pm yesterday at a mosque located within Gamboru Market in Maiduguri Metropolitan Council (MMC), while Muslim faithfuls were observing evening prayers.

“Preliminary findings indicated that the incident was caused by a suspected Boko Haram Terrorist (BHT) suicide bomber, who detonated an improvised explosive device, killing himself and 2 civilians on the scene.

“Troops, in conjunction with the Nigeria Police Explosive Ordnance Disposal (EOD) team, other sister security agencies, the Borno State Government, and NEMA, responded promptly, secured, and cordoned off the affected area to prevent further harm and ensure public safety.

“Casualties were immediately evacuated to the General Hospital and the Teaching Hospital in Maiduguri for prompt medical attention.

“A total of 32 civilians sustained varying degrees of injuries. Regrettably, 2 of the injured civilians were later confirmed dead at the hospital, while 2 others are currently in critical condition. The remaining injured persons are stable and receiving appropriate medical care.

“Troops and other security agencies have since intensified surveillance and security measures within Maiduguri and surrounding areas.

“Members of the public are advised to remain calm and security conscious, especially during the yuletide season. The public is also urged to be on the lookout for teenagers with suspicious looks.

“It is advised to avoid crowded places and maintain extra vigilance at religious places, especially churches during the yelutide period. Citizens are urged to promptly report any suspicious persons or activities to the nearest security post.

“OPHK commiserates with the families of the deceased and assures the public of its continued commitment to safeguarding lives and property.”

Zulum Condemns Maiduguri Mosque Suicide Attack, Calls for Vigilance in Worship, Public Places

Meanwhile, Governor Babagana Zulum has condemned, in strong terms, the suicide explosion at the Gomboru market mosque in Maiduguri metropolis Wednesday evening.

Governor Zulum, conveying his profound condolences from the frontline in northern Borno through his Special Adviser on Media, Dauda Iliya, called for increased vigilance and heightened security measures, particularly in places of worship during the festive period.

“I am deeply saddened by the Gamboru mosque suicide attack, which occurred on Wednesday evening when worshippers were performing Maghrib prayer, killing 5 people and injuring 35 others. The act is utterly condemnable, barbaric, and inhumane.

“Attacking a place of worship is a desecration of the sanctity of the mosque at a time when Muslim faithful are performing acts of worship.

“I wish to express my condolences to the families of all those that lost their lives in the attack and pray for the repose of their souls and for the speedy recovery of those injured,” he stated.

The governor further assured that adequate measures have been taken to forestall any security breach during the festive period and beyond.

IEDs have been a major challenge in the 16-year-old insurgency war, which has been fought by Nigeria in the Northeast theater of operation, Hadin Kai.

Meanwhile, residents went about their activities in peace hours after the gridlock was eased between customs and the international route leading to Gamboru Ngala and out of the country.

Gov. Zulum condemns Christmas Eve explosion in Borno

Continue Reading

News

Christmas, New Year: Shaibu reaffirms commitment to professional, combat-ready Nigerian Army

Published

on

Christmas, New Year: Shaibu reaffirms commitment to professional, combat-ready Nigerian Army

By: Zagazola Makama

As Nigerians join Christians around the world to celebrate Christmas 2025 and look ahead to the New Year 2026, the Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has used the festive season to reaffirm the Nigerian Army’s resolve to remain a professional, adaptable and combat-ready force in the defence of the nation.

In a goodwill message to officers, soldiers, civilian staff and their families, Shaibu described Christmas as a season of reflection, renewal of faith and thanksgiving, noting that the values it represents love, sacrifice, compassion, peace and unity are also central to the ethos of the Nigerian Army.

According to him, the past year has been marked by significant challenges and notable achievements across various theatres of operation, where troops have continued to demonstrate resilience and professionalism in the face of evolving security threats.

“The Nigerian Army continues to demonstrate exceptional professionalism in all theatres of operation in the defence of our fatherland,” the army chief said, attributing these achievements to divine guidance and the commitment of personnel.

A major focus of the COAS’ message was the sacrifice of troops deployed in operational areas who, he noted, would be unable to celebrate the yuletide season with their families due to the demands of duty. He described their absence from home as a profound sacrifice that underscores their dedication to national service.

Shaibu assured personnel that his leadership would continue to prioritise professionalism, combat readiness and sound administration, with increased attention to welfare, recognition of excellence, and a transparent reward and sanction system.

He explained that these measures align with his command philosophy of advancing the transformation of the Nigerian Army into a force capable of decisively discharging its constitutional responsibilities within a joint and multi-agency environment.

Beyond the troops at the frontlines, the COAS paid glowing tribute to the families of officers and soldiers, describing them as the “unseen strength” behind the success of the army. He said the Nigerian Army remained committed to improving welfare programmes designed to support military families.

The message also illustrates the importance of collaboration, as Shaibu acknowledged the support of sister services, security and intelligence agencies, ministries and departments, as well as state governors, traditional rulers and host communities.

He said such cooperation and synergy remained critical to sustaining peace and security across the country.

Looking ahead to 2026, the army chief expressed optimism, pledging that the Nigerian Army would intensify efforts to address emerging threats, consolidate gains already achieved, strengthen intelligence capabilities and further boost morale and welfare.

He urged officers and soldiers to remain disciplined and security-conscious during the festive season, while upholding the highest standards of conduct.

Shaibu also used the occasion to honour fallen heroes, noting that their gallantry and sacrifice had contributed immensely to national security. He assured that the army would continue to support their families and preserve their legacy.

In the message, the COAS expressed profound gratitude to President Bola Tinubu, the Commander-in-Chief of the Armed Forces, for his unwavering support to the Nigerian Army.

He cited improved funding for critical operations, enhanced training infrastructure, acquisition of modern equipment, strengthened welfare initiatives and an increased recruitment quota as key outcomes of the president’s commitment to national security.

According to him, these interventions have significantly improved the army’s operational readiness and morale.

As the festive season unfolds, Shaibu wished all officers, soldiers, civilian staff and their families a Merry Christmas and a prosperous New Year 2026, expressing confidence that the Nigerian Army would enter the coming year more united, disciplined and resolute in the service of the nation.

Christmas, New Year: Shaibu reaffirms commitment to professional, combat-ready Nigerian Army

Continue Reading

Trending

Verified by MonsterInsights